ICP Solar Technologies concludes $5 million private placement of stock

By Sheri Kasprzak

New York, Oct. 4 - ICP Solar Technologies, Inc. wrapped a $5 million private placement of stock.

The offering was conducted as part of ICP's merger with FC Financial Services, Inc. The company will now operate under the ICP Solar name and will retain the company's business plan as a renewable energy concern.

In the placement, the company issued warrants for 5 million shares, exercisable at $1.00 each for 18 months.

The full terms of the placement could not be determined Wednesday.

Montreal-based ICP develops solar cell-based products and building materials.

FC Financial Services' stock jumped by 15.87%, or 33 cents, Wednesday to close at $2.41 (OTCBB: FCFN).

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