Altair Nanotechnologies completed a
$200,000 private placement of equity, and
the company said last week that family
members of its officers and directors were
critical to completing the deal.
The Reno-based company is involved in
development of two nanotechnological
applications manufacture of white pigment
and creation of a system that targets
kidney dialysis patients.
The latest capital infusion came as
investors purchased units one share of
common stock and two warrants for 75
cents each.
One of the warrants entitles the purchase
of a half share of Altair's common
stock for $1.25; the other warrant entitles
the purchase of a half share for $1.75.
Altair's common stock was trading for
66 cents a share last week meaning the
stock would need to rise nearly four times
before the lowest-priced warrant is in the
money.
When the equity issue didn't completely
sell to outside investors, family members of
Altair's officers and directors stepped up
and purchased the rest.
The company said it will disclose details
of the purchase in a filing with the
Securities and Exchange Commission.
Altair's chief executive,William Long,
said the company expects to continue raising
capital through relatively small private
placements until it's able to raise money in
the public markets.
The company has said that raising capital
is a priority to allow it to continue its
research and development of nanotechnology.
In its last quarterly filing with the SEC,
Altair reported current liabilities of $2.9
million and current assets of $396,000.
Last week the company also said that it
received an order from F.W. Gartner
Thermal Spraying Co. for more than 1,000
pounds of one of its nano-structured dioxide-
based thermal spray products.
The product will be used to provide
thermal coatings for MOGAS Industries'
metal-seated severe service ball valves.
