CERRITOS, CA, April 9, 2014 /CNW/ - California Nanotechnologies Corp. (" Cal Nano " or the " Company") is pleased to announce that, pursuant to its previously announced non-brokered private placement of units, the Company has issued 5,290,296 units at a price of $0.135 per unit for aggregate gross proceeds of $714,189.96. Each unit consists of one common share in the capital of the Company (a " Common Share") and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional Common Share at a price of $0.225 per share for a period of 12 months from the date of issue. All of the securities issued under the private placement are subject to a minimum four month hold period.
In connection with this private placement, Cal Nano paid cash finder's fees in the aggregate amount of $16,745.40 to eligible finders who introduced subscribers to the private placement. The proceeds of this private placement are expected to be used for equipment purchases to support a major potential program and for general working capital purposes.
Certain insiders of the Company participated in the offering and subscribed for an aggregate of 925,926 units or approximately 17.5% of the private placement."The Company is pleased to announce that Quinsam Capital Corporation (QCA-CSE; "Quinsam") has invested in this private placement," stated David F. Grant, Chairman of the Board. " Roger Dent, CEO of Quinsam, also made a personal investment. The fact that an investment firm like Quinsam, and a combination of several large Canadian retail broker dealers and founders and insiders of the Company took this opportunity to invest, illustrates the confidence that exists in the technologies and future of California Nanotechnologies Corp." Reader Advisory Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "budget", "scheduled", "estimates", "forecast" and other similar words or variations thereof, or statements that certain events or conditions "may", "could", "would", "might" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the expected use of proceeds. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: additional funding required by the Company on an ongoing basis; market competition against third parties with greater financial and human resources; the protection of the Company's intellectual property rights; costs of production; capital expenditures; requirements for additional capital; failure of equipment or processes to operate as anticipated; delays in obtaining regulatory approvals, claims limitations on insurance coverage; risks associated with international operations; risks related to material customer agreements; fluctuations in the currency markets; and changes in national and local government legislation, controls, regulations and political or economic developments in Canada, the United States or other countries in which the Company may carry on business in the future. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information. NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV