Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


android tablet pc

Home > Press > NaturalNano Announces Plan for $2.5 Million of Additional Funding: Plan Includes Extension and Forgiveness of Existing Debt

Abstract:
- NaturalNano, Inc. (OTCBB: NNAN) (FWB: N3N), a developer of advanced nanomaterials, today announced a commitment from Platinum Long Term Growth I, LLC, Longview Special Financing, Inc. and certain other parties (together the "Lenders") to establish a senior convertible debt financing of up to $2.5 million for NaturalNano and to extend the terms of the Company's existing senior debt.

NaturalNano Announces Plan for $2.5 Million of Additional Funding: Plan Includes Extension and Forgiveness of Existing Debt

ROCHESTER, NY | Posted on August 19th, 2008


NaturalNano and the Lenders are negotiating definitive agreements with respect to the proposed financing. A closing date has not yet been established.

On August 1, 2008, in connection with, and as a condition to the financing already provided by Platinum, Technology Innovations, LLC ("TI"), NaturalNano's majority shareholder at the time, agreed to sell its common share holdings in NaturalNano at the direction of the Company and agreed to cancel and forgive approximately $1.1 million of principal, interest, fees and expenses accrued and due on the note held by TI. In consideration for the cancellation of the debt, NaturalNano has agreed to issue to TI a warrant to purchase up to 4.99% of the Company.

####

About NaturalNano, Inc.
NaturalNano, Inc. (www.naturalnano.com) (OTCBB: NNAN) (FWB: N3N) is a materials science company focused on developing and commercializing advanced nanocomposites and extended release nanotechnologies. Based in Rochester, NY, the Company is focused on additive technologies and processes, including its proprietary Pleximer™ polymer additive, that add value to industrial polymers, plastics and composites, as well as consumer and industrial products. NaturalNano holds and licenses over 25 patents and applications, as well as proprietary know-how for extraction and separation processes, compositions, and derivatives of Halloysite and other nanotubes.

Cautionary Statement Regarding Forward-Looking Statements: This press release may contain forward-looking statements regarding future events and future performance of NaturalNano that involve risks and uncertainties that could materially affect actual results. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of NaturalNano's filings with the Securities and Exchange Commission. The most recent annual reports on Form 10-KSB and quarterly reports on Form 10-QSB filed by NaturalNano provide information about these factors, which may be revised or supplemented in future reports to the SEC on those forms or on Form 8-K. We caution investors not to place undue reliance on forward-looking statements, and we do not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other such factors that affect the subject of these statements, except where expressly required by law.

For more information, please click here

Contacts:
Patrick Kane, Karen Keller
Lambert, Edwards & Associates
616.233.0500

Copyright © Marketwire

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

'Exotic' material is like a switch when super thin April 18th, 2014

Innovative strategy to facilitate organ repair April 18th, 2014

Oxford Instruments Asylum Research Introduces the MFP-3D InfinityTM AFM Featuring Powerful New Capabilities and Stunning High Performance April 18th, 2014

Conductive Inks: booming to $2.8 billion by 2024 April 17th, 2014

Harris & Harris Group Continues Its Blog Series to Highlight Most Impactful Portfolio Companies With Champions Oncology, Inc. April 17th, 2014

VC/Funding/Angel financing/Loans/Leases/Crowdfunding

Harris & Harris Group Continues Its Blog Series to Highlight Most Impactful Portfolio Companies With Champions Oncology, Inc. April 17th, 2014

Premier Healthcare Pitch Competition comes to Atlanta this May April 12th, 2014

Harris & Harris Group Notes Mersana's Collaboration Agreement With Subsidiary of Takeda Pharmaceutical Co. April 8th, 2014

Materials/Metamaterials

Thinnest feasible membrane produced April 17th, 2014

INSCX™ exchange to present Exchange trade reporting mechanism for engineered nanomaterials (NMs) to UK regulation agencies, insurers and upstream/downstream users April 17th, 2014

Engineers develop new materials for hydrogen storage April 15th, 2014

Industrial Nanotech, Inc. Lands First Major Order from Pemex, Mexico’s State-Owned Oil and Gas Company April 14th, 2014

Announcements

'Exotic' material is like a switch when super thin April 18th, 2014

Innovative strategy to facilitate organ repair April 18th, 2014

Oxford Instruments Asylum Research Introduces the MFP-3D InfinityTM AFM Featuring Powerful New Capabilities and Stunning High Performance April 18th, 2014

Transparent Conductive Films and Sensors Are Hot Segments in Printed Electronics: Start-ups in these fields show above-average momentum, while companies working on emissive displays such as OLED are fading, Lux Research says April 17th, 2014

NanoNews-Digest
The latest news from around the world, FREE







  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More














ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE