Quantum Technologies, Inc. (Nasdaq: QTWW) has agreed to and entered into a Securities Purchase Agreement for the issuance and sale to institutional investors of 6.1 million shares of the company’s common stock at $1.64 per share and warrants to purchase 2.1 million shares of the company’s common stock.
The warrants are exercisable six months from closing and at any time and from time to time for seven years thereafter at an exercise price of $2.36. Additionally, investors can purchase, for a period that extends until 45 trading days after the shares become registered, an additional 1.8 million shares at a price of $1.64.
The purchase of these additional shares would include an additional 0.6 million warrants. The Company expects to close the transaction by November 1, 2006.
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