QuantumSphere, Inc. announced that it has received $0.51 million in funding
June 07, 2016
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QuantumSphere, Inc. (OTCPK:QSIM) announced that it signed a securities purchase agreement for the private placement of 5% secured promissory notes for gross proceeds of $512,500 on June 8, 2016. The notes were issued at discount of 15%. The notes bear a fixed interest rate of 5% per annum and will mature after four months from the date of issue. The interest shall accrue and be payable at maturity in the form of cash. The notes will bear an interest rate of 15% per annum in the case of default. The notes will be convertible into the common shares of the company at a variable conversion price which will be calculated by taking 60% of the volume-weighted average price of the common stock on the OTCQB during 30 consecutive trading day period immediately preceding the trading day that the company receives a notice of conversion from investor. The notes are secured and have detachable common stock purchase warrants. The warrants shall consist of 1.5 shares of common stock, exercisable at the price per share of the company's next equity financing, for every $1 of original principal amount of these notes. The transaction included participation from accredited investors. The company paid legal fees of $12,500. The company issued securities pursuant to exemption provided under Regulation D.
QuantumSphere, Inc. (QSI) has developed a process to manufacture metallic nanopowders with end-use application focused on the chemical sector. The Company's principal activities include capital formation, research and development, and marketing of its metallic nanopowder products. The Company manufactures various metals, bi-metallic alloys and catalysts at the nanoscale, including iron, silver, copper, nickel and manganese. It offers custom dispersions and integrated catalytic solutions for the energy storage and chemical sectors, including nanoscale gold, palladium, aluminum and tin. The Company's products include QSI-Nano Iron, QSI-Nano Silver, QSI-Nano Copper, QSI-Nano Nickel and QSI-Nano Manganese. As of June 30, 2015, the Company had 16 gas phase condensation reactors, which it utilizes in the manufacture of nanocatalysts. With 16 reactors, the Company's capacity was approximately 300 kilograms per month at June 30, 2015.
QUANTUMSPHERE, INC. 
