Calgary, Alberta — January 15, 2022 — AdvEn Inc. (formerly Nano Innovations Inc.) (“AdvEn”) closed its second bridge financing round with Spartan Securities for gross proceeds of USD$1.5 million by way of additional senior secured convertible debentures with an accompanying warrant for 10 years (“Notes”).
The Notes mature on the earlier of January 15, 2023 or upon the occurrence of the public offering of common stock of not less than USD$50 million, resulting in the listing for trading of the common stock on the NYSE American, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select Market or the New York Stock Exchange (“Liquidity Event”). The Notes may be extended if a Liquidity Event is in process and contemplated. The conversion price of the Notes is discounted from the share price for common shares at the Liquidity Event by 35%. The Notes bear interest at 10% per annum, payable upon maturity and increasing to 15% if no Liquidity Event is in process or contemplated. The Notes are senior secured notes with specific security interest over all of the assets of the Company excluding the intellectual property.
The Notes have an accompanying warrant for 50% of the face value of the Notes at the Liquidity Event price and are valid for 10 years.
“The Notes bring additional capital for AdvEn to complete construction of its manufacturing, research and pilot plant in Nisku, Alberta,” said Yanguang Yuan, Chief Executive Officer. “Each capital injection brings us one step closer to fully commercializing our technologies.”
AdvEn Inc. (formerly Nano Innovations Inc.), through its wholly owned subsidiary AdvEn Industries Inc., develops and commercializes carbon-centric advanced technologies utilizing industrial by-products: converting refinery residues into non-combustible products for energy storage and a clean environment. AdvEn’s 36,000 square foot manufacturing plant and research facility located in Nisku, Alberta, Canada, will produce up to 1,200 metric tons per year of advanced super activated carbon (“ASAC”) and will piloting the Company’s patented dry electrode super adhesive coatings (“ESAC”). ASAC products provide superior performance when compared to similar materials used in the super capacitor, battery, pharmaceutical and industrial filtration markets.
AdvEn, ASAC and ESAC are trademarks of AdvEn in Canada and the United States.