CNO-TSX VENTURE
CERRITOS, CA, March 13, 2014 /CNW/ - California
Nanotechnologies Corp. ("Cal Nano" or the "Company") is pleased to
announce a proposed non-brokered private placement of up to
6,666,666 units of the Company at a price of $0.135 per unit for aggregate gross proceeds of
up to $900,000. 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 will entitle the holder thereof to purchase one additional
common share at a price of $0.225 per
share for a period of twelve months from the date of issue. All of
the securities issued under the private placement will be subject
to a minimum four month hold period and will contain a legend which
will detail the resale restriction.
In connection with this private placement,
Cal Nano may pay a cash finder's fee
equal to 7% of the funds raised to eligible finders who introduce
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. The private placement is subject to
approval from the TSX Venture Exchange.
Certain insiders of the Company are expected to
participate in the offering but will not subscribe for more than
25% of the private placement.
"This financing will allow the Company to more
aggressively pursue high-volume sales opportunities in a growing
market place," stated Christopher
Melnyk, CEO. "In particular, these funds will permit the
acquisition of larger scale equipment to meet growing industry
demands."
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
proposed private placement of units, the expected participation by
insiders and the 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.