By Sheri Kasprzak
Atlanta, Feb. 8 - Advanced Nanotech Inc. said it has closed the third and final tranche of its $19,990,500 private placement for $5,813,000.
In the last tranche, the company sold 2,906,500 shares at $2 each to accredited investors.
The investors also received warrants for a total of 1,453,250 shares at $3 each for three years, exercisable beginning a year after issuance. The unexercised warrants will expire the earlier of 10 days after written notice from Advanced Nanotech that its stock price exceeded 400% of the applicable exercise price for 30 days or if the average trading volume of stock has been at least 100,000 per share for 30 days before.
The entire private placement brought in $19,900,500 from the sale of a total of 9,955,250 shares at $2 each.
The company amended its original offering to allow for the sale of up to 10 million shares with no over-allotment option. The original offering included an over-allotment option for up to 7 million additional shares.
Advance Nanotech, based in New York, acquires and commercializes nanotechnology for the electronics, biopharmaceuticals and materials markets.
| Issuer: | Advanced Nanotech Inc.
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| Issue: | $5,813,000
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| Amount: | Stock
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| Shares: | 2,906,500
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| Price: | $2.00
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| Warrants: | For 1,453,250 shares
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| Warrant expiration: | Three years
|
| Warrant strike price: | $3.00
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| Settlement date: | Feb. 2
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| Stock price: | $11.50 at close Feb. 2
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