Once again! Dilution! Dilution! Dilution!
Nanostruck receives shareholder OK for COB, name change
2016-08-02 10:33 ET - News Release
Ms. Karolina Komarnicka reports
NANOSTRUCK ANNOUNCES SHAREHOLDER APPROVAL FOR CHANGE OF BUSINESS, NAME CHANGE AND UPDATE ON PRIVATE PLACEMENT AND DEBT CONVERSION
Further to its news release of March 31, 2016, Nanostruck Technologies Inc. has received majority shareholder approval for the change of the business to become a platform for the emerging area of alternative finance known as crowdfunding, and discontinue its water remediation and tailings processing business. The company's management deems the change of business to be necessary to deliver improved shareholder returns and long-term shareholder value.
The company has also received board approval to change the name of the company to Fineqia International Inc. to better reflect the direction of the company's business, effective Aug. 2, 2016. At this time, the company's common shares will remain halted until the company completes its private placement, debt settlement and change of business. Upon final exchange approval of the change of business, the company's common shares will resume trading under the new name and new trading symbol, FNQ. The new Cusip number for the company's common shares is 31788W102 and the ISIN number is CA31788W1023.
The company is working toward completing the final tranche of the previously announced private placement of up to 500 million units at a price of one cent per unit for aggregate gross proceeds of up to $5-million. The company completed the first tranche of the private placement and issued 157.9 million units, raising gross proceeds of $1,579,000 on Aug. 11, 2015. Each unit consists of one common share and one common share purchase warrant exercisable at five cents per share for a period of five years.
Concurrently with closing of the private placement, the company will be completing debt conversions by the issuance of up to 150 million common shares of the company to various creditors for past consulting services provided to the company at deemed prices of one cent per share (for non-insiders) and five cents per share (for insiders).
The company anticipates closing the above transactions immediately following completion of the name change to Fineqia International.