Nano Nuclear Energy Closes $60 Million Private Placement with Institutional Investors

Nano Nuclear Energy Inc. (NASDAQ: NNE) recently finalized a significant private placement transaction with three accredited institutional investors, as stated in a recent 8-K filing submitted to the Securities and Exchange Commission. The private placement entailed the sale of an aggregate of $60,000,048 worth of securities, comprising 2,500,002 shares of common stock and warrants to purchase up to 2,500,002 additional shares of common stock. The transaction, known as the Private Placement, was completed on November 27, 2024, following the execution of a Securities Purchase Agreement between the Company and the investors on November 24, 2024.

Upon accounting for placement agent fees and estimated offering expenses, Nano Nuclear Energy expects to receive approximately $55,122,000 in net proceeds from the private placement. The Company intends to allocate these funds towards general working capital needs and corporate purposes, including potential acquisitions of complementary businesses or assets.

Under the terms of the Purchase Agreement, the Company issued the aforementioned shares and warrants at a combined purchase price of $24.00 per share. The associated warrants, which have a term of five years, include an exercise price of $26.00 per share and are immediately exercisable upon issuance. The agreement also outlines standard representations, warranties, and covenants between the Company and the investors, along with restrictions on future issuances of the Company’s capital stock.

In conjunction with the Private Placement, Nano Nuclear Energy engaged in a Registration Rights Agreement with the investors. This agreement requires the Company to file a registration statement with the SEC by January 15, 2025, encompassing the resale of the shares and common stock issuable upon warrant exercise. The registration statement is expected to be effective within 30 or 60 days, depending on review requirements.

The Benchmark Company, LLC acted as the placement agent for the transaction, receiving compensation based on a percentage of the gross proceeds, an expense allowance, and legal expense reimbursement.

This recent financing move significantly strengthens Nano Nuclear Energy’s financial position, providing ample resources to advance its innovative nuclear microreactor technologies, auxiliary businesses, pursue potential acquisitions, and drive growth towards initial revenue generation. The Company’s press release regarding the Private Placement closing further elaborated on its strategic vision and positioning for substantial growth, emphasizing its commitment to becoming a prominent player in the advanced nuclear energy market with a strong focus on clean energy solutions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Nano Nuclear Energy’s 8K filing here.

About Nano Nuclear Energy

NANO Nuclear Energy Inc operates as a microreactor technology company. The company is developing ZEUS, a solid-core battery reactor, and ODIN, a low-pressure coolant reactor. It is also developing a high-assay low-enriched uranium fabrication facility to supply fuel to the nuclear reactor industry and fuel transportation and nuclear consultation businesses.