Altair Nanotechnologies Inc. Announces Common Stock and Warrant Offering

Altair Nanotechnologies, Inc. ALTI today announced it has entered into definitive agreements with select institutional investors to raise gross proceeds of approximately $6.4 million, before deducting placement agent's fees and other offering expenses, in a registered direct offering. Altair intends to use the proceeds from the offering for general corporate purposes and working capital to execute the recently announced customer contracts. Under the terms of the transaction, these institutional investors will purchase 3.6 million shares of Altair common stock at a purchase price of $1.784 per share. In addition, if for any reason the Canon transaction previously announced does not close, the company will issue to the investors up to an additional 1.8 million shares. Investors will also receive warrants to purchase one share of common stock for every 2.0 shares of common stock purchased. The warrants will be exercisable at any time beginning six months after the date of issuance for a period of five years at an exercise price of $2.56 per share of common stock.