Vancouver, BC / ACCESSWIRE / May 7, 2014 / NanoStruck Technologies Inc. (the "Company" or "NanoStruck") (CSE:NSK) (OTCQX: NSKTF) (Frankfurt: 8NSK) is pleased to announce that it has completed the first tranche of a non-brokered private placement in the amount of $512,000. Pursuant to the private placement, NanoStruck will issue 6,400,000 units at a price of $0.08 per unit. Each unit sold in the private placement consists of one common share and one common share purchase warrant. The shares, warrants and warrant shares underlying the units are subject to a four month and a day hold period (the "Hold Period"). Each warrant is exercisable at $0.13 per share on or before 36 months from the closing date.
All shares issued pursuant to the private placement are subject to a four-month hold period. The net proceeds of the private placement will be used by NanoStruck for general corporate purposes and working capital, including strategic acquisitions and the engagement of expert media and marketing advisors. Following the closing of the private placement, there are currently 85,052,508 common shares of the Company issued and outstanding.
No finder's fees or commissions were paid in connection with the private placement.
"We are pleased to have the support of the investors. The funds provided by this private placement will enable NanoStruck to get to the next stage of development," said Bundeep Singh Rangar, interim CEO of NanoStruck.
About the Company
NanoStruck Technologies Inc. is a Canadian Company with a suite of technologies that remove molecular sized particles using patented absorptive organic polymers. These versatile biomaterials are derived from crustacean shells or plant fibers, depending on requirements of their usage. Acting as molecular sponges, the nanometer-sized polymers are custom programmed to absorb specific particles for remediation or retrieval purposes. These could be used to clean out acids, hydrocarbons, pathogens, oils and toxins in water via its NanoPure solutions. These also could be used to recover precious metal particles in mine tailings, such as gold, silver, platinum, palladium and rhodium using the Company's NanoMet solutions.
By using patented modifications to conventional technologies and adding polymer-based nano-filtration, the Company's offers environmentally safe NanoPure solutions for water purification. The Company uses Environmental Protection Agency (EPA) and World Health Organization (WHO) guidelines as a benchmark for water quality and safety to conform to acceptable agricultural or drinking water standards in jurisdictions where the technology is used.
Additionally, the Company's technology can be used to recover precious and base metals from mine tailings, which are the residual material from earlier mining activities. By retrieving valuable metals from old tailing dumps, the Company's NanoMet solutions boosts the value of existing mining assets and reduces the need for new, costly and potentially environmentally harmful exploration and mining.
The Company's current business model is based on either selling water remediation plants or leasing out units and charging customers on a price per liter basis with a negotiated minimum payment per annum. For processing mine tailings, the value of precious metal recovered is shared with tailing site owners on a pre-agreed basis.
On behalf of the Board of Directors:
Bundeep Singh Rangar,
Interim CEO and Chairman of the Board
T: (905) 813-0900
E: [email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER HAS REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
FORWARD LOOKING INFORMATION
This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Statements relating to "reserves" or "resources" are deemed to be forward-looking statements because they involve the implied assessment, based on certain estimates and assumptions that the resources and reserves described can be profitably produced in the future. Forward-looking statements in this press release include that expert media and marketing advice and services will be provided to the Company in the year to come pursuant to those services being purchased by the shares issued in the private placement and that the net proceeds of the cash portion of the private placement will be used by NanoStruck for general corporate purposes and working capital, including the engagement of expert media and marketing advisors.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's Management's Discussion and Analysis for the three months ended December 31, 2013, filed on March 3, 2014 and amended and refiled on March 10, 2014 and for the years ended Sept. 30, 2013 and 2012, filed on Jan. 29, 2014 under the Company's profile on www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
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SOURCE: NanoStruck Technologies Inc.