By Sheri Kasprzak
Atlanta, March 21 - Nano Chemical System Holdings Inc. said it has received $1 million in a private placement of a promissory note and also issued shares in exchange for assets.
The promissory note was sold to Green Tree Spray Technologies LLC.
The note bears interest at 8% annually and matures in two years.
Nano Chemical also issued 24 million shares to Green Tree in exchange for manufacturing, technical and other assets.
Based in Solana Beach, Calif., Nano Chemical develops nanoparticulates used to protect wood and fabrics from ultraviolet radiation.
| Issuer: | Nano Chemical System Holdings Inc.
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| Issue: | Promissory note
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| Amount: | $1 million
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| Maturity: | Two years
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Warrants: | No
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| Investors: | Green Tree Spray Technologies LLC
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| Settlement date: | March 15
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| Stock price: | $2.40 at close March 15
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