VANCOUVER, Aug. 2, 2016 /CNW/ - NanoStruck Technologies Inc. (the "Company" or "NanoStruck") (CSE: NSK) (OTCPink: NSKQB) (Frankfurt: 8NSK) announces that, further to its news release of March 31, 2016, it has received majority shareholder approval for the change of the business to become a platform for the emerging area of alternative finance known as crowdfunding and discontinue its water remediation and tailings processing business. The Company's management deems the change of business to be necessary to deliver improved shareholder returns and long-term shareholder value.
The Company has also received board approval to change the name of the Company to "Fineqia International Inc." to better reflect the direction of the Company's business effective August 2, 2016. At this time, the Company's common shares will remain halted until the Company completes its private placement, debt settlement and change of business. Upon final Exchange approval of the change of business, the Company's common shares will resume trading under the new name and new trading symbol, FNQ. The new CUSIP number for the Company's common shares is 31788W102 and ISIN number is CA31788W1023.
The Company is working towards completing the final tranche of the previously announced private placement of up to 500,000,000 units at a price of $0.01 per unit for aggregate gross proceeds of up to $5,000,000. The Company completed the first tranche of the private placement and issued 157,900,000 units, raising gross proceeds of $1,579,000 on August 11, 2015. Each unit consists of one common share and one common share purchase warrant exercisable at $0.05 per share for a period of five years.
Concurrently with closing of the private placement, the Company will be completing debt conversions by the issuance of up to 150,000,000 common shares of the Company to various creditors for past consulting services provided to the Company at deemed prices of $0.01 per share (for non-insiders) and $0.05 per share (for insiders).
The Company anticipates closing the above transactions immediately following completion of the name change to Fineqia International Inc.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER HAS REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company to complete the Amalgamation and Change of Business, failure to obtain sufficient financing, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws. The Company disclaims any intent or obligation to update any forward-looking statement.
SOURCE NanoStruck Technologies Inc.