By Susanna Moon
Chicago, Sept. 8 - Advance Nanotech Inc. said it completed a $1.2 million private placement of 8% senior secured convertible notes due December 2010, bringing the total issue to $7.9 million.
The notes are convertible into common shares at $0.25 per share.
Warrants for 13.4 million shares are exercisable at $0.30 for five years.
Axiom Capital Management was the agent, and Middleberry Capital was a financial adviser.
Proceeds will be used to complete the company's transition to a fully operating company.
The company issued $3.95 million of the notes on Dec. 27, 2007 and another $2.75 million on Feb. 15, 2007.
New York-based Advance Nanotech commercializes technologies used in the homeland security and display technology sectors.
| Issuer: | Advance Nanotech, Inc.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $7.9 million
|
| Maturity: | December 2010
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.25
|
| Warrants: | For 13.4 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.30
|
| Agent: | Axiom Capital Management
|
| Pricing date: | Dec. 27, 2007
|
| Settlement dates: | Dec. 27, 2007 (for $3,953,000), Feb. 15, 2007 (for $2,747,000), Sept. 8 (for $1.2 million)
|
| Stock symbol: | OTCBB: AVNA
|
| Stock price: | $0.30 at close Dec. 26
|
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