Altair Nanotechnologies to raise $14 million through Private Placement

Altair Nanotechnologies, Inc., a US-based manufacturer of nonmaterial and titanium dioxide pigment technologies, has agreed to raise approximately $14 million in a private placement of 11,994,469 common shares at a price of $1.17 per share as disclosed in the private placement offering memorandum.

Investors will also receive warrants to purchase 0.55 of a common share for each common share purchased. 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 per common share. The transaction is expected to complete on May 28, 2009.
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