American Nano Silicon Technologies, Inc. Announces $1 Million Private Placement
NEW YORK and NANCHONG, China, March 30 /PRNewswire-Asia-FirstCall/ -- American Nano Silicon Technologies, Inc. (the "Company", OTC Bulletin Board: ANNO) announced today that it has sold 2,100,000 shares of common stock and 2,000,000 Series B Common Stock Warrants to three accredited institutional investors and an accredited individual investor. The investors purchased the securities on March 26, 2010 for $1 million in cash. Within the next four months, the investors have an option to purchase up to an additional 2,100,000 shares of common stock and 2,000,000 Series B Warrants for $1,000,000. During the next 3 years, the Series B Warrant will permit the holders to purchase Common Stock at $1.50 per share.
In connection with the offering, certain shareholders of the Company granted to the investors:
-- A Shareholder Put Option which allows the investors to require one of
the shareholders to purchase up to 1,500,000 shares of Common Stock at
$0.75 per share during the six month period commencing one year from
the closing date.
-- Three-year Warrants to purchase from the shareholders up to 2,000,000
shares of Common Stock at $0.80 per share.
American Nano Silicon Technologies' focus will continue to be on consumer chemical products. However, Mr. Pu Fachun, the Company's President said: "As the Company grows, we may also extent our business scope into the industries of paint, rubber and plastics and other related industries with higher added value. These industries can also utilize our ultra fine crystal structured micro-nano silicon products." The Company plans to use the net proceeds from the offering primarily to provide working capital for the construction of its micro-silicon production line, which will have an annual production capacity of 50,000 tons.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. There shall not be any sale of these securities in any jurisdiction in which such offering would be unlawful. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.
About American Nano Silicon Technologies, Inc.
American Nano Silicon Technologies, Inc., through its 95%-owned subsidiary, Nanchong Chunfei Nano Silicon Technologies Co., Ltd., is engaged in the business of manufacturing and distributing Micro-Nano Silicon. Micro-Nano Silicon(TM) is adaptable to and widely used in many consumer and industrial products, including laundry detergent, petrochemical, plastics, rubber, paper, ceramics and water treatment materials etc.
Safe Harbor Statement
Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including market acceptance of the Company's products and the Company's continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.
SOURCE American Nano Silicon Technologies, Inc.
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