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ALTI > SEC Filings for ALTI > Form 8-K on 21-Nov-2012All Recent SEC Filings

Show all filings for ALTAIR NANOTECHNOLOGIES INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for ALTAIR NANOTECHNOLOGIES INC


21-Nov-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 November 16, 2012, Altairnano, Inc. (the "Company"), a subsidiary of Altair Nanotechnologies Inc., entered into, and closed, a financing under a Working Capital Loan Contract (the "Agreement") and related documents with the Industrial and Commercial Bank of China Limited Phnom Penh Branch (the "Bank") with respect to a $3,700,000 loan. The loan is secured by an irrevocable and unconditional Bank Guarantee in favor of Bank by Industrial and Commercial Bank of China Limited Guangzhou Branch, which Bank Guarantee is supported by a pledge of cash by Northern Altair Nanotechnologies Co., Ltd.

Interest on the outstanding principal balance of the loan accrues at a rate equal to 170 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.



Item 9.01 Financial Statements and Exhibits

(a) Exhibits.

99.1 Working Capital Loan Contract, dated November 16, 2012, by and between Altairnano, Inc. and the Industrial and Commercial Bank of China Limited.


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