By Marisa Wong
Milwaukee, March 29 - American Nano Silicon Technologies, Inc. sold 2.1 million shares of common stock and 2 million series B common stock warrants for $1 million to accredited institutional funds and an accredited investor on Friday, according to an 8-K filed Monday with the Securities and Exchange Commission.
The series B warrants will allow the holders to purchase up to 2 million shares of American Nano common stock at $1.50 per share for the next three years.
Under the stock purchase agreement, the investors may, in the next four months, purchase an additional 2.1 million shares of common stock and 2 million series B warrants for $1 million.
In connection with the placement, three shareholders gave investors three-year warrants to purchase from the shareholders up to 2 million shares of common stock for $0.80 per share. In addition, one of the shareholders gave the investors a put option, so that investors can require the shareholder to purchase up to 1.5 million shares for $0.75 per share during the six-month period from the closing date.
Based in New York, American Nano manufactures and distributes refined consumer chemical products in China.
| Issuer: | American Nano Silicon Technologies Inc.
|
| Issue: | Common shares and series B common stock warrants
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| Amount: | $1 million
|
| Shares: | 2.1 million
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| Warrants: | 2 million
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.50
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| Pricing date: | March 26
|
| Stock symbol: | OTCBB: ANNO
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| Stock price: | $1.46 at close March 29
|
| Market capitalization: | $38.8 million
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