VANCOUVER, April 26, 2016 /PRNewswire/ - NanoStruck Technologies Inc. (the "Company" or "NanoStruck") (CSE: NSK) (OTCPink: NSKQB) (Frankfurt: 8NSK) announces that, further to the news release of August 13, 2015, it has received the approval of the CNSX Markets Inc. to increase the size of the financing by an additional 200,000,000 units to 400,000,000 units to raise up to CAD$4,000,000, of which 157,900,000 units were issued on the first tranche closing on August 11, 2015, raising gross proceeds of CAD$1,579,000, with up to an additional 242,100,000 units to be issued on the final tranche closing, and to include a warrant acceleration provision.
The private placement consists of units to be issued at a price of CAD$0.01 per unit, with each unit consisting of one common share and one warrant exercisable at CAD$0.05 per share for a period of five years, provided that in the event that the closing price of the Company's common shares on the Canadian Securities Exchange (or such other exchange on which the Company's common shares may become traded) is CAD$0.20 or greater per common share during any 20 consecutive trading day period at any time subsequent to four months and one day after the closing date, the warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day after the date on which the Company provides notice of such accelerated expiry to the warrantholders, and the warrantholder will have no further rights to acquire any shares of the Company under the warrant.
In addition, the Company plans to complete a concurrent debt settlement pursuant to which a maximum of 100,000,000 common shares of the Company may be issued in settlement of existing debts at a price of $0.01 per share to non-insiders and at a price of $0.05 per share to insiders of the Company.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER HAS REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
SOURCE NanoStruck Technologies Inc.