June 4, 2007 — nCoat Inc. of Whitsett, N.C., has landed a private investment deal worth almost $12 million. The company will net about $11 million in net proceeds after existing debt is converted into the new offering, nCoat said.

The new financing is in the form of convertible notes that will pay the investors an interest rate of 6 percent per year. The notes may later be converted into equity.

The company may sell up to $17.8 million in additional notes under the terms of the private placement, and the company said it expects to have more closings between now and June 18. The funding will be used to acquisitions, repayment of debt, working capital and general corporate purposes.