Nanoco Group PLC - Result of Fund Raise
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FOR IMMEDIATE RELEASE
Results of Fund Raising
In response to overwhelming demand, the Company has decided to increase the fundraising to
The increased amount further increases the Company's cash runway until at least the end of 2022 and we would expect this to increase further with new business wins already under discussion.
The fundraise secures the value inherent in our IP, our operating skills and capabilities, and our ability to service existing and new customer opportunities in full.
The longer organic cash runway, in parallel with the third party funding for the Samsung litigation, means that the significant value in the lawsuit cannot be depleted by any delaying tactics and will not go unnoticed. The support of our shareholders validates our determination to recover the value that we believe they have been deprived of.
The total number of new shares to be issued is 19,479,856 new Ordinary Shares at 17.5p per Ordinary Share
"We are delighted to have such strong demand and support from our shareholders. The proceeds from the fund raise now secure the Company's operational cash runway until the end of 2022, with any new commercial opportunities creating further upside. The strong demand reflects investor confidence in the value in our IP and our core operational capabilities for the development, scale up and production of novel nanomaterials.
"With third party litigation funding, and an extended cash runway for the Company, the potentially significant value in the lawsuit against Samsung is safeguarded against attempts to extend the litigation beyond the Company's cash runway. It also allows us to continue to fully support our customers in the Sensing and Display sectors as they seek to expand and accelerate their own product development and sales.
"All of these factors combined deliver enhanced value for the Group to the benefit of all of our stakeholders."
More details of the fund raise
Applications have been made to the
On Admission, the Company's issued share capital will comprise 305,699,102 Ordinary Shares, of which 12,222 were previously held in treasury and remain so. Each Ordinary Share carries the right to one vote and, therefore, the total number of voting rights in the Company on Admission will be 305,686,880. This figure may be used by Shareholders and other investors as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the
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/All references to time in this document are to
For further information, please contact:
Brian Tenner, COO & CFO +44 (0) 161 603 7900
Caroline Watson, Investor Relations Manager
Peel Hunt (Sponsor and Corporate Broker):
Edward Knight +44 (0) 20 7418 8900
Kieran D'Silva +44 (0) 20 3026 4750
The person responsible for arranging for the release of this announcement on behalf of Nanoco is Brian Tenner, Chief Financial Officer.
Notes for editors:
Nanoco (LSE: NANO) harnesses the power of nano-materials. Nano-materials are materials with dimensions typically in the range 1 - 100 nm. Nano-materials have a range of useful properties, including optical and electronic. Quantum dots are a subclass of nano-material that have size-dependent optical and electronic properties. The Group produces quantum dots. Within the sphere of quantum dots, the Group exploits different characteristics of the quantum dots to target different performance criteria that are attractive to specific markets or end-user applications such as the Display and Electronics markets. One of the interesting properties of quantum dots is photoluminescence: the emission of longer wavelength light upon excitation by light of a shorter wavelength. The colour of light emitted depends on the particle size. Nanoco's CFQD® quantum dots are free of cadmium and other toxic heavy metals and can be tuned to emit light at different wavelengths across the visible and infrared spectrum, rendering them useful for a wide range of applications including displays, lighting and biological imaging.
Nanoco was founded in 2001 and is headquartered in Manchester, UK, with a US subsidiary,
Nanoco is listed on the Main Market of the
This information is provided by RNS, the news service of the
Quick facts: Nanoco Group PLC
Market Cap: £40.66 m
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