On January 11, 2019, NanoXplore Inc. completed a bought deal private placement for total gross proceeds of approximately $31 million. The offering was comprised of 16,144,800 common shares, including 760,800 common shares pursuant to the underwriters’ overallotment option, at a price of $1.30 per common share for gross proceeds of approximately $21 million and $10 million aggregate principal amount of convertible unsecured subordinated debentures due December 31, 2023 with an interest rate of 8% per annum. The debentures will be convertible at the holder’s option into common shares of NanoXplore at a conversion price of $1.84 per debenture common share.
The offering was conducted by a syndicate of underwriters led by National Bank Financial Inc. and including GMP Securities L.P., Paradigm Capital Inc., Echelon Wealth Partners Inc. and Beacon Securities Limited.
Cassels acted for the underwriters with a deal team that included Chad Accursi, James Lyle and Randall Blom (Securities) and Chandimal Nicholas (Business).