Burnaby, BC(pcJ News Briefs) – Nanotech Security Corp. (TSX-V: NTS; OTCQX: NTSFF) has entered into an agreement with a syndicate of underwriters for a bought deal private placement of 10,434,783 common shares at $1.15 per share for gross proceeds of $12,000,000.
Nanotech Security intends to use net proceeds to: 1) simplify and improve Nanotech’s capital structure by redeeming the $4.2 million of convertible debentures that bear an interest rate of 12% per annum and are convertible at $1.25; 2)increase production capacity for KolorOptik® images and optical thin film, increasing and improving image mastering size and detail and potential technology partnerships; and 3) strengthen the balance sheet for working capital and general corporate initiatives.
The offering is expected to close on or about May 17, 2017.
Nanotech Security Corp. is an innovator in the design and production of advanced banknote and commercial branding authentication products. Nanotech’s KolourOptik® and Plasmogram™ products are nanotechnology based optical imaging product platforms originally inspired by the unique optical properties of the iridescent wings of the Blue Morpho butterfly. Its nano-optical products produce intense, high definition optically-variable images and colour-shift optical thin films.
photo credit: Nanotech Security