Home / Knowledge / News / Information Technology / Advance Nanotech secures financing to operating company
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.


Must ReadView All

Textiles | On 21st Jul 2017

No shortage of cotton & yarn in country: Minister

There is no shortage of cotton and yarn in the country, and the...

Pic courtesy: Sutlej Textiles & Industries Ltd

Textiles | On 21st Jul 2017

Sutlej Textiles’ Q1 FY18 EBITDA expands to Rs 76.28 cr

Sutlej Textiles and Industries Ltd (STIL), one of India’s largest...

Textiles | On 21st Jul 2017

CAI revises 2016-17 cotton crop to 337.25 lakh bales

Cotton Association of India (CAI) has upwardly revised cotton crop...

Interviews View All

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X