Nano Nuclear Energy (NNE) said Monday that it expects to raise $60 million through a private placement of 2.5 million shares and five-year warrants to buy up to an additional 2.5 million shares.

The company said investors will pay $24 for each share and associated warrant in the private placement, which is expected to be completed on Wednesday.

Nano Nuclear Energy said the proceeds from the financing will help it advance microreactors, auxiliary businesses, seek complimentary acquisitions and drive growth.

The company's shares were down 15% in recent Monday trading.

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