By Sheri Kasprzak
New York, March 31 - NaturalNano, Inc. said it has entered into an agreement to close a $15,435,000 million private placement in five tranches.
SBI Brightline XIII, LLC agreed to buy up to 10.5 million shares in five tranches with the first consisting of 2.5 million shares at prices ranging from $1.20 to $1.75 with the weighted average price being $1.47 each.
The subsequent tranches will include 2 million shares each.
The investor will receive warrants for 3.3 million shares at price ranging from $1.20 to $1.75 each.
Proceeds will be used for ongoing operations and development.
Based in West Henrietta, N.Y., NaturalNano discovers and refines naturally occurring nano-materials.
| Issuer: | NaturalNano, Inc.
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| Issue: | Stock (in five tranches)
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| Amount: | $15,435,000
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| Shares: | 10.5 million (maximum)
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| Price: | $1.47 (weighted average price from a range of $1.20 to $1.75)
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| Warrants: | For 3.3 million shares
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| Warrant strike price: | $1.20 to $1.75
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| Investor: | SBI Brightline XIII, LLC
|
| Settlement date: | March 30
|
| Stock symbol: | OTCBB: NNAN
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| Stock price: | $1.81 at close March 30
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