Nanotech Security Corp. (the “Company”), developer of next-generation security and authentication features using patented nano-optics announces that further to its news release of August 1, 2013, the Company will be seeking regulatory approval to upsize the Subscription Receipts financing from $3 million to a maximum of $4 million.
The Subscription Receipts are convertible into equity units comprised of one common share and one-half common share purchase warrant which automatically convert into units upon completion of the acquisition of two patent holding corporations as described in the August 1st release. The terms of that acquisition are clarified in two respects, firstly that the deemed value of the escrowed shares to be issued is $0.72 and secondly that the escrow will allow for 25% semi-annual releases over the two years from closing starting six months from closing. Both the financing and acquisition transactions remain subject to execution of definitive agreements and TSX Venture Exchange acceptance, although the financing transaction has received conditional approval at this time.
There is one insider who participated in this financing and four members of a “Pro Group” as defined in the Rules of the Exchange.
For additional information about Nanotech Security’s KolourOptiks® nano-technology, visit http://vimeo.com/nanotechsecurity. More information about the Company can be found at the Company’s website www.nanosecurity.ca or www.sedar.com
On Behalf of the Board of Directors of
Nanotech Security Corp.
“Doug H. Blakeway”
President and CEO