By Sheri Kasprzak
New York, March 8 - NaturalNano, Inc. settled a private placement of senior secured convertible promissory notes for $3.25 million.
The 8% notes were purchased by Platinum Partners Long Term Growth IV; Longview Special Financing, Inc.; and Platinum Advisors LLC.
The notes are convertible into common shares at $0.22 each and are due March 7, 2009.
The company may force conversion of the notes if its stock trades above $1.00 for more than 20 consecutive trading days.
The investors received series A warrants for 11,079,546 shares, exercisable at $0.22 each through March 7, 2011, and series B warrants for 11,079,546 shares, exercisable at $0.33 each through March 7, 2011.
Located in West Henrietta, N.Y., NaturalNano is a nanomaterials production company.
| Issuer: | NaturalNano, Inc.
|
| Issue: | Senior secured convertible promissory notes
|
| Amount: | $3.25 million
|
| Maturity: | March 7, 2009
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.22
|
| Warrants: | Series A for 11,079,546 shares; series B for 11,079,546 shares
|
| Warrant expiration: | March 7, 2011
|
| Warrant strike price: | $0.22 for series A, $0.33 for series B
|
| Investors: | Platinum Partners Long Term Growth IV; Longview Special Financing, Inc.; Platinum Advisors LLC
|
| Settlement date: | March 7
|
| Stock symbol: | OTCBB: NNAN
|
| Stock price: | $0.23 at close March 7
|
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