The fundraise includes commitments for a $672,000 placement alongside a $1.05 million rights issues for eligible shareholders, and a $400,000 fee-to-equity conversion by Nanollose Directors. One of the company’s fibers recently completed its third pilot, and has been used to produce a wool-blended yarn.
“We continue to receive excellent feedback from potential partners on our Nullarbor and Nufolium fibers and this remains the main focus of our near-term commercialization workstreams,” Executive Chairman Wayne Best recently told ragtrader. “However, we are also excited about the potential of our vegan leather-like biomaterial, and this additional new funding will allow us to pursue R&D and commercial opportunities for this innovative product more vigorously. Discussions with potential commercial partners in the horticulture sector also remain ongoing, and we look forward to providing further updates on our multi-channel development strategy early in 2025.”