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Microcap & Penny Stocks : NPCT (old SUNY) -- Ignore unavailable to you. Want to Upgrade?

To: RavenCrazy who wrote (84)	7/24/1998 5:02:00 PM
From: Claudia Benson	Respond to of 1275

Nanopierce Technologies, Inc. Closes $8.5 Million Financing PR Newswire - July 24, 1998 16:55 DENVER, July 24 /PRNewswire/ -- Nanopierce Technologies, Inc. (OTC Bulletin Board: NPCT) today announced that it had completed a $8,500,000.00 Financing, through its Financial Consulting Firm, The Global Funding Group, L.L.C., Raleigh, North Carolina. Gilbert Olachea, President and Chief Executive Officer of Nanopierce, stated, "This investment is a significant milestone in the success of Nanopierce. It also is a clear commitment by the financial market of the confidence they have in Nanopierce's ability to secure the emerging market for its technology. While executing to a precise strategy and tactics in bringing profitable markets into our fold, we will simultaneously focus on investor equity and shareholder value." The $8.5 Million financing is a staged, two year credit facility. At its discretion, when and as required, Nanopierce has the right to require the purchaser to purchase up to 150,000 Series B Preferred Shares for a total of $1,500,000.00 and up to 700,000 Series C Preferred Shares for $7,000,000.00. Both Series of Preferred Shares are convertible into the Common Stock of Nanopierce Technologies, Inc. The conversion price of the Series B Preferred Shares is the lesser of 110% of the average of the Closing Bid Price for the Common Stock of Nanopierce on the Date of Closing or 80% of the average of the Closing Bid Price for the five days preceding the Date of Conversion. The Series C Preferred Shares are purchasable at a 17.5% discount from the average of the Closing Bid Prices for the five days preceding the Date of Conversion. This structure minimizes the dilutive effect of the financing on the Company. The Preferred Series are non-voting. The shares have a deemed value of $10.00 per share. In addition, Nanopierce issued to the purchaser of the Preferred Series B and C shares three-year warrants exercisable at 125% of the closing bid price on the date of closing into common shares of Nanopierce. In conjunction with the financing, the Company has agreed to provide certain registration right with respect to the securities offered. Nanopierce owns ten patents, seven patent applications pending, two patent applications in preparation and other intellectual properties, relating to the Nanopierce Technology Material (NTM). This revolutionary material is designed to provide an electrically and mechanically reliable interconnection method for high-density circuit board components without the use of metal pins and solder techniques. Of the 12,342,350 shares outstanding, Intercell Corporation (OTC Bulletin Board: INCE), affiliates and others own approximately 11,747,111 restricted shares. As inducement to obtain the financing Paul H. Metzinger, Executive Vice President of Nanopierce and his wife agreed to escrow a significant amount of their ownership in Nanopierce. Nanopierce will file an 8K Report with the Securities and Exchange Commission relating to this financing on August 7, 1998. Interested parties are invited to access such filing by the Electronic EDGAR Filing System of the Securities and Exchange Commission. SOURCE Nanopierce Technologies, Inc. /CONTACT: Lisa Conino, Director of Public Relations, Global Public Relations Services, Ltd., 919-782-1500 or e-mail: globallwc@ipass.net/ (NPCT INCE) Claudia, happy happy Claudia