By Devika Patel
Knoxville, Tenn., July 24 - Nanotech Sciences Corp. priced a private placement of units for up to C$4 million.
The company will sell 10 million units at C$0.40 apiece.
Each unit consists of one common share and one warrant. Each warrant is exercisable at C$0.75 for two years.
The warrants may expire sooner if the company's shares close higher than C$1.50 for 20 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
Of the proceeds raised, C$1.75 million will be raised through agent Leede Financial Markets Inc. The remaining C$2.25 million will be sold on a non-brokered basis.
Nanotech is a capital pool company based in Toronto.
Issuer: | Nanotech Sciences Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$4 million
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Units: | 10 million
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Price: | C$0.40
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.75
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Agents: | Leede Financial Markets Inc. (for C$1.75 million), non-brokered (for C$2.25 million)
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Pricing date: | July 24
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Stock symbol: | TSX Venture: NAN.P
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Stock price: | C$0.205 at close July 24
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