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ALTI > SEC Filings for ALTI > Form 8-K on 24-Oct-2012All Recent SEC Filings

Show all filings for ALTAIR NANOTECHNOLOGIES INC

Form 8-K for ALTAIR NANOTECHNOLOGIES INC


24-Oct-2012

Creation of a Direct Financial Obligation or an Obligation under an O


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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