Ecology Coatings, Inc. (OTC Bulletin Board: ECOC), a leader in the discovery and development of nanotechnology-enabled, ultraviolet-curable advanced coatings, today announced that its Board has accepted conditional term sheets from a number of individual investors for an investment totaling $2.4 million.
The investment is to be made through the issuance of convertible preferred shares which can be converted to common stock at a price of $.10/share.
The investment is subject to the following primary conditions:
- Ecology can only use $750,000 to resolve its outstanding debt.
- To minimize the dilution to shareholders and to 'clean up' the capital structure of the company, Ecology must convince large shareholders to return eight million shares of common stock to the company.
- A due diligence period of 30 days.