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Advance Nanotech secures financing to operating company
03
Jan '08
Advance Nanotech Inc announced that it has entered into subscription agreements with selected institutional and accredited investors totaling $6.7 million. This capital will be used to complete the transition of the Company's business from developing early-stage nanotechnologies to becoming a fully operating company principally focused on the growing chemical detection industry.

In furtherance of this transition, the Company announces its plans to acquire the minority equity interest in its Owlstone Nanotech Inc subsidiary from its founding shareholders and management team, and for Advance Nanotech to begin to progressively divest its non-core assets. The company forecasts it will reach profitability in the second half of 2008.

The Financing:
On December 19, 2007, Advance Nanotech Inc entered into subscription agreements with selected institutional and accredited investors regarding the private placement of $6.7 million principle amount of 8% Senior Secured Convertible Notes. Axiom Capital Management acted as placement agent, and Middleberry Capital acted as financial advisor.

The Notes mature on the date that is three years from the date of issue and are convertible into shares of common stock of the company at a price of $0.25 per share.

The Notes constitute senior indebtedness of the company. Each investor receives 50% warrant coverage with respect to the principle amount of Notes purchased from such investor. The warrants are exercisable into shares of common stock for a period of five years at a price of $0.30 per share.


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