Cash position expected to be at over $120 Million in just under 7 months as a public company

Financing provides cash runway to expedite cutting-edge portable nuclear microreactor technologies, auxiliary businesses, seek complimentary acquisitions and drive growth towards initial revenue generation

New York, N.Y., Nov.  25, 2024  (GLOBE NEWSWIRE) -- NANO Nuclear Energy Inc. (NASDAQ: NNE) ("NANO Nuclear" or "the Company"), a leading advanced nuclear energy and technology company focused on developing portable, clean energy solutions, today announced the execution of a definitive securities purchase agreement with three accredited institutional investors for a private placement which is expected to result in gross proceeds of approximately $60 million to NANO Nuclear, before deducting offering expenses.

The proceeds from this financing significantly augments NANO Nuclear's cash on hand to over $120 million. With this cash on hand, NANO Nuclear will be able to more readily advance its cutting-edge microreactors, auxiliary businesses, seek complimentary acquisitions and drive growth towards initial revenue generation.

The definitive securities purchase agreement was executed on November 24, 2024, and the private placement is expected to close on November 27, 2024, subject to customary closing conditions. The Benchmark Company, LLC is acting as sole placement agent for the transaction.

Terms of the Private Placement

In connection with the private placement, the Company will issue an aggregate of 2,500,000 shares of common stock and five-year warrants to purchase an aggregate of up to an additional 2,500,000 shares of common stock, or 100% warrant coverage. Investors will pay a purchase price of $24.00 for each share and associated warrant. The warrants are exercisable for $26.00 per share.

The securities being sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The Company has agreed to file, by January 15, 2025, a registration statement with the SEC covering the resale of the shares of common stock and shares of common stock underlying the warrants issued in the private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About NANO Nuclear Energy, Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear's products in technical development are "ZEUS", a solid core battery reactor, and "ODIN", a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear's own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear's developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS' initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon's surface.