Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

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 Pleximerô 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

Geoffrey Beach: Drawn to explore magnetism: Materials researcher is working on the magnetic memory of the future April 25th, 2017

Using light to propel water : With new method, MIT engineers can control and separate fluids on a surface using only visible light April 25th, 2017

Graphene holds up under high pressure: Used in filtration membranes, ultrathin material could help make desalination more productive April 24th, 2017

Nanoparticle vaccine shows potential as immunotherapy to fight multiple cancer types April 24th, 2017

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

Forge Nano 2017: 1st Quarter Media Update April 20th, 2017

180 Degree Capital Corp. Announces the Start of Kevin Rendino as Chairman and Chief Executive Officer and Completion of its Transition to a Registered Closed-End Fund March 31st, 2017

Caught on camera -- chemical reactions 'filmed' at the single-molecule level March 22nd, 2017

Harris & Harris Group Issues Its Financial Statements as of December 31, 2016, Posts Its Annual Shareholder Letter, And Will Host a Conference Call for Shareholders on Friday, March 17, 2017 March 15th, 2017

Materials/Metamaterials

Geoffrey Beach: Drawn to explore magnetism: Materials researcher is working on the magnetic memory of the future April 25th, 2017

Graphene holds up under high pressure: Used in filtration membranes, ultrathin material could help make desalination more productive April 24th, 2017

Russian scientists create new system of concrete building structures: Sientists of Peter the Great Saint-Petersburg Polytechnic University developed a new construction technology April 24th, 2017

Two-dimensional melting of hard spheres experimentally unravelled after 60 years: First definitive experimental evidence of two-dimensional melting of hard spheres April 21st, 2017

Announcements

Geoffrey Beach: Drawn to explore magnetism: Materials researcher is working on the magnetic memory of the future April 25th, 2017

Using light to propel water : With new method, MIT engineers can control and separate fluids on a surface using only visible light April 25th, 2017

Graphene holds up under high pressure: Used in filtration membranes, ultrathin material could help make desalination more productive April 24th, 2017

Nanoparticle vaccine shows potential as immunotherapy to fight multiple cancer types April 24th, 2017

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