CNO-TSX VENTURE
CERRITOS, CA, April 9, 2014 /CNW/ - California Nanotechnologies Corp. ("Cal Nano" or the "Company") is pleased to announce that, pursuant to its previously announced
non-brokered private placement of units, the Company has issued
5,290,296 units at a price of $0.135 per unit for aggregate gross
proceeds of $714,189.96. Each unit consists of one common share in the
capital of the Company (a "Common Share") and one-half of one common share purchase warrant. Each whole
warrant entitles the holder thereof to purchase one additional Common
Share at a price of $0.225 per share for a period of 12 months from the
date of issue. All of the securities issued under the private
placement are subject to a minimum four month hold period.
In connection with this private placement, Cal Nano paid cash finder's
fees in the aggregate amount of $16,745.40 to eligible finders who
introduced subscribers to the private placement. The proceeds of this
private placement are expected to be used for equipment purchases to
support a major potential program and for general working capital
purposes.
Certain insiders of the Company participated in the offering and
subscribed for an aggregate of 925,926 units or approximately 17.5% of
the private placement.
"The Company is pleased to announce that Quinsam Capital Corporation
(QCA-CSE; "Quinsam") has invested in this private placement," stated
David F. Grant, Chairman of the Board. "Roger Dent, CEO of Quinsam,
also made a personal investment. The fact that an investment firm like
Quinsam, and a combination of several large Canadian retail broker
dealers and founders and insiders of the Company took this opportunity
to invest, illustrates the confidence that exists in the technologies
and future of California Nanotechnologies Corp."
Reader Advisory
Except for statements of historical fact, this news release contains
certain "forward-looking information" within the meaning of applicable
securities law. Forward-looking information is frequently characterized
by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "budget", "scheduled", "estimates",
"forecast" and other similar words or variations thereof, or statements
that certain events or conditions "may", "could", "would", "might" or
"will" occur. In particular, forward-looking information in this press
release includes, but is not limited to, statements with respect to the
expected use of proceeds. Although we believe that the expectations
reflected in the forward-looking information are reasonable, there can
be no assurance that such expectations will prove to be correct. We
cannot guarantee future results, performance or achievements.
Consequently, there is no representation that the actual results
achieved will be the same, in whole or in part, as those set out in the
forward-looking information.
Forward-looking information is based on the opinions and estimates of
management at the date the statements are made, and are subject to a
variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those anticipated in
the forward-looking information. Some of the risks and other factors
that could cause the results to differ materially from those expressed
in the forward-looking information include, but are not limited to:
additional funding required by the Company on an ongoing basis; market
competition against third parties with greater financial and human
resources; the protection of the Company's intellectual property
rights; costs of production; capital expenditures; requirements for
additional capital; failure of equipment or processes to operate as
anticipated; delays in obtaining regulatory approvals, claims
limitations on insurance coverage; risks associated with international
operations; risks related to material customer agreements; fluctuations
in the currency markets; and changes in national and local government
legislation, controls, regulations and political or economic
developments in Canada, the United States or other countries in which
the Company may carry on business in the future. Readers are cautioned
that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is
expressly qualified by this cautionary statement. We undertake no duty
to update any of the forward-looking information to conform such
information to actual results or to changes in our expectations except
as otherwise required by applicable securities legislation. Readers
are cautioned not to place undue reliance on forward-looking
information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE California Nanotechnologies Corp.
