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California Nanotechnologies completes qualifying transaction, initiates trading and provides update
California Nanotechnologies completes qualifying transaction, initiates trading and provides update.
About this update from California Nanotechnologies Corp.
[{"type":"text","content":"\n\n\n\nCNO-TSX VENTURE\n\n\nLOS ANGELES, CA, Feb. 14 /CNW/ - California Nanotechnologies Corp. (the\n\"Company\") is pleased to announce that as per the TSX Venture Exchange\nBulletin of February 9, 2007, the Company has completed its qualifying\ntransaction, changed its name from Veritek Technologies Inc. and completed the\nnon-brokered private placement that coincided with the closing of the\nqualifying transaction.\n\n\nIn summary, with regard to the private placement, the TSX Venture\nExchange accepted for filing, documentation with respect to a non-brokered\nprivate placement announced May 2, 2006. In particular, the private placement\nincluded:\n\n\nShares: 4,550,000\n\n\nPrice: 25 cents\n\n\nWarrants: 2,275,000 share purchase warrants to purchase 2,275,000 shares\n\n\nExercise price: 45 cents for an 18-month period\n\n\nPlacees: 14\n\n\nHold Period: 4 months and 1 day from February 1, 2007 (hold period\n\n\nexpires June 2, 2007)\n\n\nInsiders: D and C Grant Investments SRL (David F. Grant) 1,200,000\n\n\nshares; Donald Kelly 186,000 shares; David B. Grant 80,000 shares; Tim\n\n\nWang 60,000 shares; Patrick Berbon 100,000 shares.\n\n\nAs a partial update of the project activities underway at California\nNanotechnologies, the Company has recently delivered, to a US customer,\ncryogenically milled nanocrystalline material that is being evaluated in a US\nNavy Armour program. The Company has also received a new order from the Sports\nand Recreation industry.\n\n\nIn late 2006, California Nanotechnologies entered into an agreement to\nco-sponsor, with Jyvaskyla Technopolis of Finland, a study into the future use\nof nanostructured materials in Finland. As part of the study, a series of\nmeetings were held in Finland, February 5th to 8th, 2007, where the\ntechnologies offered by California Nanotechnologies were introduced to a wide\nrange of companies and agencies.\n\n\n\"The meetings in Jyvaskyla and Tampere illustrate the interest in\nNorthern Europe in the nanocrystalline materials being developed at California\nNanotechnologies,\" stated Dr. Patrick Berbon, President of California\nNanotechnologies. \"We are working toward several potential programs with\nleading Finnish companies and agencies.\"\n\n\nExcept for historical information contained herein, this news release\ncontains forward-looking statements that involve ris...