Nano-Proprietary, Inc., today announced that it is in the process of applying for listing on the American Stock Exchange. To facilitate this, the Company also completed a private placement whereby it issued 2,608,698 shares at a price of $2.30 per share and received $6.0 million. In connection with the private placement the Company also issued 1,304,349 warrants enabling the holder to purchase a share of the Company's common stock at a price of $2.50 for a period of 12 months.
Nano-Proprietary, Inc. Chief Executive Officer Tom Bijou, said, "This fundraising is not about cash for operations. We are meeting our cash forecasts. It is totally about strengthening our balance sheet and moving to a national exchange. It also insures that we have the financial strength to see our technology through to commercialization."