Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
On October 19, 2012, Altairnano, Inc. (the "Company"), a subsidiary of Altair
Nanotechnologies Inc., entered into, and closed, a financing under a Loan
Agreement (the "Agreement") and related documents with Bank of China Ltd. (the
"Bank") with respect to a $2,000,000 loan. The loan is secured by a letter of
credit drawing from an account of Northern Altair Nanotechnologies Co., Ltd. The
Bank charged a 1% transaction fee at closing.
Interest on the outstanding principal balance of the loan accrues at a rate
equal to 160 basis points over the three-month LIBOR rate, subject to quarterly
adjustment, and is payable quarterly in arrears. Principal, and any unpaid
interest, are due one year from the closing date. Proceeds of the Loan will be
used for general working capital requirements.
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