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.