Nanalysis Scientific Corp. Closes Upsized Public Offering and Non-Brokered Private Placement For Gross Proceeds of $15,224,700

Rhea-AI Summary

Nanalysis Scientific Corp. has successfully closed a public offering of common shares, raising $15,224,700.70. The company issued a total of 11,212,500 shares at a price of $1.10 per share, which includes shares from an over-allotment option. Additionally, 2,628,137 shares were issued through a private placement for $2,890,950.70. The funds will support sales, marketing, R&D, and potential acquisitions. The shares issued through the private placement are subject to a four-month hold period. Final acceptance by the TSX Venture Exchange is pending.

Positive

• Raised $15,224,700.70 from public offering and private placement.
• Funds will be used for marketing, R&D, and potential acquisitions.

Negative

• None.

CALGARY, AB, Feb. 11, 2022 /PRNewswire/ - Nanalysis Scientific Corp. (TSXV: NSCI) (OTCQX: NSCIF) (FRA: 1N1) ("Nanalysis" or the "Company") announces that it has closed the previously announced best efforts marketed public offering (the "Public Offering") of common shares (the "Common Shares") of the Company, including the full exercise of the over-allotment option and the non-brokered private placement of Common Shares (the "Private Placement") for combined gross proceeds of $15,224,700.70. 

Pursuant to the terms of the Public Offering, the Company issued 11,212,500 Common Shares, including 1,462,500 Common Shares issued pursuant to the exercise of the over-allotment option, at a price per Common Share of $1.10 for aggregate gross proceeds of $12,333,750.00. 

Echelon Wealth Partners Inc., as lead agent and sole bookrunner, along with Research Capital Corp., acted as the agents for the Public Offering.

A total of 2,628,137 Common Shares were issued pursuant to the Private Placement at a price of $1.10 per Common Shares for gross proceeds to the Company of $2,890,950.70. 

The Company intends to use the net proceeds of the Public Offering for sales, marketing, research and development, acquisitions, general administrative and working capital purposes. The net proceeds from the Private Placement will be used for general corporate and other working capital purposes, as well as additional potential acquisitions. 

The Common Shares issued pursuant to the Private Placement are subject to a hold period of four months plus one ‎day from the date of closing of the Private Placement. Final acceptance by the TSX Venture Exchange (the "TSXV") of the Public Offering and the Private Placement is subject to the completion of customary post-closing filings.

About Nanalysis Scientific Corp. (TSXV: NSCI) (OTCQX: NSCIF) (FRA: 1N1)

Nanalysis trades on the TSX Venture Exchange (TSXV) in Canada with ticker symbol 'NSCI', OTC and the Frankfurt exchange under the ticker symbol '1N1'. The company's business is what we term "MRI and NMR for industry". The company develops and manufactures portable Nuclear Magnetic Resonance (NMR) spectrometers or analyzers for laboratory and industrial markets. The NMReady-60™ was the first full-feature portable NMR spectrometer in a single compact enclosure requiring no liquid helium or any other cryogens. The company has followed-up that initial offering with new products and continues to have a strong innovation pipeline. Nanalysis recently announced that it has begun selling a 100MHz device in 2020. The Company's new device will be the most powerful and most advanced compact NMR device ever brought to market.

Nanalysis devices are used in many industries (oil and gas, chemical, mining, pharma, biotech, flavor and fragrances, agrochemicals, law enforcement, and more) as well as numerous government and university research labs around the world. The company continues to exploit new global market opportunities independently and with partners.

Notice regarding Forward Looking Statements and Legal Disclaimer

This news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws pertaining to the following: the use of proceeds of the Public Offering and the Private Placement, the final acceptance of the Public Offering and Private Placement by the TSXV and other matters ancillary or incidental to the foregoing. All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", and similar expressions. The forward-looking information is based on certain key expectations and assumptions made by the Company's management which may prove to be incorrect, including but not limited to: general market conditions, the availability and cost of financing, and the Company's ability to access capital on satisfactory terms. The Company believes the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this news release should not be unduly relied upon. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. These risks and uncertainties include, but are not limited to: risks and uncertainties relating to the completion of the financings as described herein, and management's ability to anticipate and manage the factors and risks referred to herein. Forward-looking information included in this news release are made as of the date of this news release and such information should not be relied upon as representing its views as of any date subsequent to the date of this news release. The Company has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Nanalysis Scientific Corp.

FAQ

What were the proceeds from the public offering and private placement by Nanalysis Scientific Corp.?

Nanalysis Scientific Corp. raised a total of $15,224,700.70 from its public offering and private placement.

What is the price per share for Nanalysis' public offering?

The shares were offered at a price of $1.10 each.

How will Nanalysis Scientific Corp. use the funds from the offering?

The funds will be allocated for sales, marketing, research and development, acquisitions, and working capital purposes.

What is the status of the shares issued in the private placement?

The shares from the private placement are subject to a hold period of four months plus one day from closing.