By Devika Patel
Knoxville, Tenn., Aug. 18 - NaturalNano, Inc. secured a $2.5 million loan, evidenced by convertible promissory notes, with Platinum Long Term Growth I, LLC and Longview Special Financing Inc on Aug. 15, according to an 8-K filed Monday with the Securities and Exchange Commission.
The notes bear interest at 8%. They are convertible into common stock at $0.005 per share. Interest is payable monthly in arrears.
All unpaid interest will be due and payable at maturity, on Jan. 31, 2010 and no payments of interest are required prior to Jan. 31, 2009.
Located in West Henrietta, N.Y., NaturalNano is a nanomaterials production company.
| Issuer: | NaturalNano, Inc.
|
| Issue: | Convertible promissory notes
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| Amount: | $2.5 million
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| Maturity: | Jan. 31, 2010
|
| Coupon: | 8%
|
| Price: | Par
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| Yield: | 8%
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| Conversion price: | $0.005
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| Warrants: | No
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| Investors: | Platinum Long Term Growth I, LLC and Longview Special Financing Inc.
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| Pricing date: | Aug. 15
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| Stock symbol: | OTCBB: NNAN
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| Stock price: | $0.03 at close Aug. 15
|
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