Nanotech Security Corp. today announced that it has completed a private placement financing of $2,655,000 million of equity units sold at $1.00 each.
A combination of institutional and accredited investors made up the majority of the offering along with approximately $175,575 sold to insiders and employees.
Commenting on the financing Doug Blakeway, CEO of Nanotech said “We were pleased with the strong interest shown in this financing which went quickly despite the tough market conditions. This financing along with our existing cash on hand provides the Company with enough working capital to ramp-up for sales opportunities for optical thin film and KolourOptik nano-optical banknote products which are now presenting themselves in greater numbers than ever.”
Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at a price of CAD$1.50 per common share for a period of 18 months from the closing of the Offering. The warrants are subject to accelerated expiry in the event that the common shares of the Company trade on the TSX Venture Exchange at CAD$1.80 or more for a ten consecutive day period; 1) after the four month resale restricted period applicable to the Common Shares in Canada expires and 2) before the end of the initial 12 months of the term of the warrant. All securities issued in connection with the placement are subject to a hold period expiring on December 27, 2015.