QuantumSphere, Inc. announced that it has received $0.05 million in funding from PowerUp Lending Group, Ltd.
March 13, 2017
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QuantumSphere, Inc. (OTCPK:QSIM) announced that it has entered into a securities purchase agreement for a private placement of a 12% convertible promissory note for gross proceeds of $48,000 on March 14, 2017. The transaction included participation from existing investor Power Up Lending Group Ltd. The note carries a fixed interest of 12% per annum and will mature on December 30, 2017. The note is issued at par. All interest shall accrue and be payable at maturity in the form of cash unless the investor options to convert the accrued interest into common stock. The note is convertible into common stock at any time beginning 180 days following the date of the note and ending on the later of the maturity date and the date of payment of the default amount. The conversion price will be 60% of the market price, defined as the average of the lowest three trading prices for the common stock on the OTCQB during the 10 trading day period ending on the latest complete trading day prior to the conversion date. The default interest rate on the note is 22% per annum and the note features a 40% conversion discount. The company paid legal and due diligence expenses of $3,000 as part of the transaction.
QuantumSphere, Inc. (QSI) has developed a process to manufacture metallic nanopowders with end-use application focused on the chemical sector. The Company's principal activities include capital formation, research and development, and marketing of its metallic nanopowder products. The Company manufactures various metals, bi-metallic alloys and catalysts at the nanoscale, including iron, silver, copper, nickel and manganese. It offers custom dispersions and integrated catalytic solutions for the energy storage and chemical sectors, including nanoscale gold, palladium, aluminum and tin. The Company's products include QSI-Nano Iron, QSI-Nano Silver, QSI-Nano Copper, QSI-Nano Nickel and QSI-Nano Manganese. As of June 30, 2015, the Company had 16 gas phase condensation reactors, which it utilizes in the manufacture of nanocatalysts. With 16 reactors, the Company's capacity was approximately 300 kilograms per month at June 30, 2015.
QUANTUMSPHERE, INC. 