The latest news from academia, regulators
research labs and other things of interest
Posted: November 3, 2008
Raymor Completes Private Placement of $1 Million
(Nanowerk News) Raymor Industries Inc., a developer and producer of single-walled carbon nanotubes, nanomaterials and advanced materials, has announced that the company has completed a private placement for 5,673,333 units (the " Units"), representing proceeds of $1,021,200, subject to the approval of the regulatory authorities having jurisdiction over the securities of the Company.
Each Unit consists of one common share at a price of $0.175 per common share, one half (˝) of one Series "A" share purchase warrant (a "Series A Warrant")at a price of $0.0025 per Series "A" Warrant and one half (˝) of one Series "B" share purchase warrant (a "Series B Warrant") at a price of $0.0025 per Series "B" Warrant. Each whole Series "A" Warrant shall entitle its holder thereof to purchase one (1) additional common share of the share capital of the Corporation at a price of $0, 25 for a period of twelve (12) months from the closing date. Each whole Series "B" Warrant shall entitle its holder thereof to purchase one (1) additional common share of the share capital of the Corporation at a price of $0, 55 for the period which is between the twelfth (12 th) and eighteenth (18 th) month following the closing date.
The securities issued under the private placement are subject to a four-month hold period, expiring on February 28, 2009.
The proceeds will be used to finance the acquisition of additional equipment for production of carbon nanotubes and advanced materials (metallic powders and coatings), human resources, development of technologies, commercialization, marketing and working capital purposes.
About Raymor Industries
Raymor Industries Inc. has as its mission to become a leading developer of high technology for the production of single-walled carbon nanotubes, nanomaterials and other advanced materials for high value-added applications. Raymor Industries operates three wholly-owned, industrial subsidiaries, Raymor Nanotech, Raymor Aerospace and AP&C Advanced Powders and Coatings, specializing in nanotechnology and advanced materials, and comprising four divisions: (1) nanotechnology products, including nano-powders, nano-coatings, and single-walled carbon nanotubes (C-SWNT) for “the applications of tomorrow”; (2) thermal spray coatings, which largely targets military, aeronautical, aerospace, specialized industrial, and mining applications; (3) spherical metallic powders, primarily used for biomedical and aerospace applications; and (4) net-shape forming, a component manufacturing technique used for ballistic protection and other aerospace and military applications. Raymor holds the exclusive rights to more than 20 patents throughout the world, with other patents pending.