Altair Nanotechnologies (ALTI) Raises 14 Million

Altair Nanotechnologies just announced that it has raised $14 million (before expenses) from a registered direct offering. Here are the terms of the offering, as described in a company press release:

Under the terms of the transaction, Altair will sell 11,994,469 million common shares at a purchase price of $1.17 per share.  Investors will also receive warrants to purchase 0.55 of a common share for each common share purchased.  The common shares and warrants will be issued separately and will be immediately separable. The warrants will be exercisable at any time on or after the date of issuance for a period of seven years at an exercise price of $1.00 per common share.  The closing of the offering is expected to take place on May 28, 2009, subject to the satisfaction of customary closing conditions. Lazard Capital Markets LLC acted as the exclusive placement agent for the transaction.

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