By Sheri Kasprzak
New York, Dec. 14 - Altair Nanotechnologies Inc. plans to raise up to $25 million in a direct placement of units.
The offering includes up to 9,259,259 units at $2.70 each.
The units consist of one share and one quarter-share warrant. Each whole warrant is exercisable at $2.70 through Dec. 18, 2007.
The underlying shares will be sold under the company's shelf registration.
Cowen and Co., LLC is the placement agent for the deal, which is scheduled to close Dec. 18.
Located in Reno, Nev., Altair develops nanomaterials used in paints, coatings and other materials, as well as photocatalytic materials used in air and water cleansing systems, sensors, power systems and alternative energy devices like fuel cells.
| Issuer: | Altair Nanotechnologies Inc.
|
| Issue: | Units of one share and one quarter-share warrant
|
| Amount: | $25 million
|
| Units: | 9,259,259
|
| Price: | $2.70
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | Dec. 18, 2007
|
| Warrant strike price: | $2.70
|
| Placement agent: | Cowen and Co., LLC
|
| Announcement date: | Dec. 14
|
| Settlement date: | Dec. 18
|
| Stock symbol: | Nasdaq: ALTI
|
| Stock price: | $3.00 at close Dec. 13
|
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