CALIFORNIA NANOTECHNOLOGIES ANNOUNCES PRIVATE PLACEMENT
Created at :
Mar 13, 2014
FOR IMMEDIATE RELEASE
Cerritos, California, March 13, 2014 – California Nanotechnologies Corp. (“Cal Nano” or the “Company”) is pleased to announce a proposed non-brokered private placement of up to 6,666,666 units of the Company at a price of $0.135 per unit for aggregate gross proceeds of up to $900,000. Each unit consists of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share at a price of $0.225 per share for a period of twelve months from the date of issue. All of the securities issued under the private placement will be subject to a minimum four month hold period and will contain a legend which will detail the resale restriction.
In connection with this private placement, Cal Nano may pay a cash finder's fee equal to 7% of the funds raised to eligible finders who introduce subscribers to the private placement. The proceeds of this private placement are expected to be used for equipment purchases to support a major potential program and for general working capital purposes. The private placement is subject to approval from the TSX Venture Exchange.
Certain insiders of the Company are expected to participate in the offering but will not subscribe for more than 25% of the private placement.
“This financing will allow the Company to more aggressively pursue high-volume sales opportunities in a growing market place,” stated Christopher Melnyk, CEO. “In particular, these funds will permit the acquisition of larger scale equipment to meet growing industry demands.
For further information, please contact:
Andrew Bengis, Chief Financial Officer
T: (562) 991-5211
F: (562) 926-6913