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 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

Remote-control shoots laser at nano-gold to turn on cancer-killing immune cells April 20th, 2018

New qubit now works without breaks: A universal design for superconducting qubits has been created April 19th, 2018

Observing biological nanotransporters: Chemistry April 19th, 2018

Salt boosts creation of 2-D materials: Rice University scientists show how salt lowers reaction temperatures to make novel materials April 18th, 2018

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

180 Degree Capital Corp. Reports Net Asset Value per Share of $2.60 as of December 31, 2017; A Decrease of 3.0% From Prior Quarter and an Increase of 11.1% From December 31, 2016 February 27th, 2018

Nanowire LED Innovator Aledia Announces €30 ($36M) Million Series-C Financing: Intel Capital Joins Existing Investors to Commercialize Certain Nanowire-LED Technologies for Mobile Displays January 29th, 2018

180 Degree Capital Corp. Leads Investment in TheStreet, Inc.; Investment Enables Removal of Capital Structure Overhang November 14th, 2017

180 Degree Capital Corp. Appoints Investment Banking Veteran Parker Weil to Its Board of Directors August 2nd, 2017

Materials/Metamaterials

Salt boosts creation of 2-D materials: Rice University scientists show how salt lowers reaction temperatures to make novel materials April 18th, 2018

Individual impurity atoms detectable in graphene April 18th, 2018

Psst! A whispering gallery for light boosts solar cells April 14th, 2018

Artificial intelligence accelerates discovery of metallic glass: Machine learning algorithms pinpoint new materials 200 times faster than previously possible April 13th, 2018

Announcements

Remote-control shoots laser at nano-gold to turn on cancer-killing immune cells April 20th, 2018

New qubit now works without breaks: A universal design for superconducting qubits has been created April 19th, 2018

Observing biological nanotransporters: Chemistry April 19th, 2018

Salt boosts creation of 2-D materials: Rice University scientists show how salt lowers reaction temperatures to make novel materials April 18th, 2018

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



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project