Nanotech Security Corp. (the “Company”), developer of next-generation security and authentication features using patented nano-optics announces that further to its recent news releases describing its $4.2 million subscription receipts financing (now 100% closed) the terms of the related patent entities acquisition have been modified slightly to facilitate a near term completion.
After review by the TSX Venture Exchange, the amended acquisition terms provide that 344,947 of the 4,000,000 Nanotech shares to be issued for the two companies will be made subject to prior disinterested shareholders’ approval. The revision ensures that the number of Nanotech shares being issued to insiders is under 10% of Nanotech’s share capital (including the shares issuable under the recent financing). If shareholders do not approve the issuance, no compensation will be paid in lieu to the two insiders who were otherwise entitled to these shares and a no vote will not affect the acquisitions which will have already been completed. Vendors who are the recipients of 3,850,000 of the shares (assumes issuance of the 344,947 shares) have also agreed to a voluntary pool of their shares for a full two year period subject to a release if Nanotech shares trade on the TSX Venture Exchange at 200% of the recent $0.80 subscription receipts financing price for 10 consecutive days within the pooling period.
Nanotech CEO Doug Blakeway commented “The Company appreciates the accommodations given by the vendors which will allow us to achieve a prompt completion of the corporate acquisitions which will trigger release of the escrowed subscription receipts proceeds for use by the Company. We are confident that shareholders will approve the shares which are slightly in excess of the 10% threshold as they are fully supported by an independent appraisal from a certified business valuator.”
More information about the Company can be found at the Company’s website www.nanosecurity.ca or www.sedar.com .