Altair Nanotechnologies raises $23 million from offering

Dec. 19, 2006 — Altair Nanotechnologies Inc. (NASDAQ: ALTI) has closed its “registered direct” offering resulting in net proceeds of around $23.15 million.

Cowen and Co. (NASDAQ: COWN) acted as exclusive placement agent for the offering. In the offering, Altair issued 9,259,259 units, each unit consisting of one common share of Altair and one warrant to purchase 0.25 common shares of Altair at $2.70 per share, for a purchase price of $2.70 per unit.

Reno, Nev.-based Altair, whose primary business is developing and commercializing nanomaterial and titanium dioxide pigment technologies, said it intends to use the proceeds for working capital and general corporate purposes.

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