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- Biomaterials company Nanollose (NC6) has entered a trading halt ahead of an upcoming capital raising
- The company will remain in the halt until April 19 or when more details regarding the raise are released, whichever occurs first
- In mid-January, Nanollose filed a joint patent application with Grasim Industries for a high-tenacity lyocell fibre
- Grasim’s Pulp and Fibre Innovation Centre have produced nullarbor fibres which are finer than silk and stronger than traditional lyocell
- Shares in Nanollose last traded at 12 cents on April 13
Biomaterials company Nanollose (NC6) has entered a trading halt ahead of an upcoming capital raising.
The company will remain in the halt until April 19 or when more details regarding the raise are released, whichever occurs first.
Nanollose is yet to disclose how much it intends to raise or what it will use the funds for once received.
In mid-January, Nanollose filed a joint patent application with Grasim Industries for a high-tenacity lyocell fibre.
Lyocell is a form of rayon (natural fibre made from wood and agricultural products) that is made using a closed-loop process, which requires low demand on chemical and water usage.
Furthermore, it generates little waste, resulting in an environmentally-friendly process.
Grasim’s Pulp and Fibre Innovation Centre have produced nullarbor fibres which are finer than silk and stronger than traditional lyocell.
For the half-year ending December 31, 2020, Nanollose reported revenue of $1586, down 99.66 per cent from the prior corresponding period.
This decrease is partly due to the company not receiving a research and development grant in the half.
Additionally, Nanollose reported a loss of $441,074, down 25.02 per cent from the period ending December 31, 2019.
As of December 31, the company had just over $550,000 in cash and cash equivalents.
Shares in Nanollose last traded at 12 cents on April 13. The company has a $14.29 million market cap.
