On August 2, 2017, Groupe NanoXplore Inc. completed a brokered private placement financing of subscription receipts at a price of $0.45 per subscription receipt for aggregate gross proceeds of approximately $9.7 million. Paradigm Capital Inc. acted as agent in connection with the financing. The net proceeds of the offering will be used to fund working capital and commercial and engineering activities.
Each subscription receipt entitles the holder thereof to receive one unit comprised of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at a price of $0.70 for a period of 24 months from the closing date.
The common shares and warrants of Groupe NanoXplore were exchanged for common shares and warrants of Graniz Mondal Inc. (renamed NanoXplore Inc.) on August 29, 2017 in connection with the three-cornered amalgamation involving Groupe NanoXplore and Graniz Mondal which constituted a reverse takeover of Graniz Mondal under the policies of the TSX Venture Exchange.
Cassels Brock represented Paradigm Capital with a team comprised of Chad Accursi, Kyle Simpson and Jonathan Sherman (Securities).