nCoat, a developer of coatings based on nanotechnology, has closed on $11 million in new financing.

The company, which recently relocated all its operations to the Triad from Utah, expects to net $11 million after fees are deducted from the private placement totaling $11.85 million.

The financing includes debts and warrants.

nCoat is publicly traded (OTCBB: NCOA). In a statement, the company said the funds would be used to repay debt and for working capital.

"This capital raise and conversion of debt to equity significantly strengthens our financial structure and better positions nCoat management to execute our strategic plans, including acquisition of additional companies, internal organic growth and expansion of existing facilities and markets,” said Paul Clayson, nCoat’s chairman and chief executive officer. “The investors in this transaction also expand our institutional shareholder base."

nCoat relocated its subsidiary focused on high-performance coatings to the Triad last year, The firm recently decided to move all operations to the Triad, according to a report in the Triad Business Journal.

By 2009, nCoat could employ as many as 300 people, the paper said.