Proceeds to be used to construct new production facility in China
By Devika Patel
Knoxville, Tenn., Sept. 20 - Altair Nanotechnologies, Inc. arranged a private placement of stock for an estimated $48.88 million on Sept. 20, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal is expected to settle in January.
The company will sell an estimated 125,917,996 common shares to Canon Investment Holdings Ltd. The per-share price of $0.3882 represents a 43.74% discount to $0.69, the closing share price on Sept. 17.
Following this, Canon will be the beneficial owner of 51% of the company's outstanding shares on a fully diluted basis.
Proceeds will be used to construct a nano lithium titanate oxide materials production facility in China and to fund the company's working capital needs and ongoing operations in the United States.
Altair, based in Reno, Nev., is a ceramic nano-materials supplier.
| Issuer: | Altair Nanotechnologies, Inc.
|
| Issue: | Common stock
|
| Amount: | $48,881,366 (estimated)
|
| Shares: | 125,917,996 (estimated)
|
| Price: | $0.3882
|
| Warrants: | No
|
| Investor: | Canon Investment Holdings Ltd.
|
| Pricing date: | Sept. 20
|
| Stock symbol: | Nasdaq: ALTI
|
| Stock price: | $0.69 at close Sept. 17
|
| Market capitalization: | $81.88 million
|
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