Altair family members help raise capital

Altair Nanotechnologies completed a

$200,000 private placement of equity, and

the company said last week that family

members of its officers and directors were

critical to completing the deal.

The Reno-based company is involved in

development of two nanotechnological

applications manufacture of white pigment

and creation of a system that targets

kidney dialysis patients.

The latest capital infusion came as

investors purchased units one share of

common stock and two warrants for 75

cents each.

One of the warrants entitles the purchase

of a half share of Altair's common

stock for $1.25; the other warrant entitles

the purchase of a half share for $1.75.

Altair's common stock was trading for

66 cents a share last week meaning the

stock would need to rise nearly four times

before the lowest-priced warrant is in the

money.

When the equity issue didn't completely

sell to outside investors, family members of

Altair's officers and directors stepped up

and purchased the rest.

The company said it will disclose details

of the purchase in a filing with the

Securities and Exchange Commission.

Altair's chief executive,William Long,

said the company expects to continue raising

capital through relatively small private

placements until it's able to raise money in

the public markets.

The company has said that raising capital

is a priority to allow it to continue its

research and development of nanotechnology.

In its last quarterly filing with the SEC,

Altair reported current liabilities of $2.9

million and current assets of $396,000.

Last week the company also said that it

received an order from F.W. Gartner

Thermal Spraying Co. for more than 1,000

pounds of one of its nano-structured dioxide-

based thermal spray products.

The product will be used to provide

thermal coatings for MOGAS Industries'

metal-seated severe service ball valves.