SureNano closes $1.25 million private placement financing

SureNano Science Ltd. (CSE: SURE) (OTCQB: SURNF) completed a non-brokered private placement raising $1,250,000 through the issuance of 10,000,000 units at $0.125 per unit, the company announced December 10.

Each unit consists of one common share and one warrant. The warrants allow holders to purchase additional common shares at $0.35 per share for 24 months from issuance. The warrants include an acceleration provision that permits the company to accelerate expiry if shares trade at $0.50 or higher for 10 consecutive trading days after a four-month holding period.

The company paid $75,000 in cash commissions and issued 600,000 finder's warrants to brokerage firms and agents for introducing subscribers. The finder's warrants carry the same $0.35 exercise price and 24-month term as the unit warrants, subject to the same acceleration provision.

All securities issued are subject to a four-month-and-one-day hold period under Canadian securities laws.

SureNano plans to use the proceeds for operating expenses including legal and audit fees, general working capital, and expenses related to exploring new markets for its SureNano surfactant. The funds will also support evaluation of potential business combinations with complementary companies and completion of such transactions if approved by the board.

The Vancouver-based company holds an exclusive license to distribute the SureNano surfactant within Canada, Oklahoma, and Colorado. The surfactant is described as a food-grade compound used to create nanoemulsions for various applications.

You May Also Be Interested In

• NovaRed Mining adds Katie Zacharia to its advisory board
• Deep Fission reports 18.5 GW in non-binding nuclear pipeline
• Barrington Research Starts CBIZ, Inc. (CBZ) at Outperform