nanosynth group to raise £0.4 million via Placing and Subscription

nanosynth group plc (LON:NNN), the AIM quoted company specialising in the synthesis and application of nanoparticles to create new and improve existing products, has announced a conditional placing to raise gross proceeds of £0.4 million through the issue of 222,222,222 new ordinary shares of 0.01 pence each in the Company at a price of 0.18 pence per Ordinary Share.

The issue of the Placing Shares is within the Company’s existing allotment authorities.  The Placing Shares equate to approximately 8.4% of the Company’s currently issued share capital.  In addition, participants in the Placing have been issued with one warrant for every two Placing Shares exercisable at 0.5p pence per share at any time up to two years from Admission, as defined below.

The funds raised from the Placing will be principally used for working capital purposes and to accelerate the Company’s near-term commercial opportunities.

Mark Duffin, CEO of nanosynth, commented“I am pleased that we are able to raise money to further our commercial objectives. We are receiving considerable interest from major household brands for our nanoparticle technology and these funds will enable the Company to advance the progress of these discussions. We look forward to updating the market on these developments shortly.”

Admission and Total Voting Rights

The Placing has been conducted utilising the Company’s existing share issuance authorities.  The Placing Shares will rank pari passu in all respects with the existing Ordinary Shares.  The Placing is conditional, inter alia, on there being no breach of the obligations under the Placing Agreement entered into between Monecor (London) Ltd (trading as OvalX) and the Company prior to Admission, and admission of the Placing Shares to trading on the AIM Market of the London Stock Exchange (“Admission”) becoming effective.  Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM.  It is expected that Admission will become effective and that dealings in the Placing Shares on the London Stock Exchange will commence on or around 16th January 2023.

On Admission, the Company will have 2,873,744,208 Ordinary Shares in issue, each with one voting right.  There are no Ordinary Shares held in treasury. Therefore, the Company’s total number of voting rights will be 2,873,744,208 and this figure may be used by shareholders from Admission 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 FCA’s Disclosure Guidance and Transparency Rules.

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