Cnano Tech plans $110m private placement for expansion

Jiangsu Cnano Technology (SSE:688116) plans to raise up to 800 million RMB (approximately $110 million USD) through a private placement of A-shares, according to its recently updated prospectus. The funds will be channeled towards the "Lithium Battery High-Efficiency Single-Walled Nanomaterial Production Project" and to replenish working capital. Cnano is seeking to boost its annual production capacity of high-efficiency single-walled nanomaterial by 7,000 tons and single-walled nanomaterial of 100 tons, cementing its position as a leading manufacturer of carbon nanotube materials. The offering, capped at 30% of existing shares, is subject to regulatory approvals. Proceeds will help finance the single largest business of lithium-ion batteries and contribute a profit of $26 million.