By Devika Patel
Knoxville, Tenn., July 21 - MicroPlanet Technology Corp. said it raised C$159,250 million in the second and final tranche of a private placement of units.
The deal priced for C$8 million on April 22 and the company raised C$6.92 million in the first tranche on June 13. With the latest portion, it raised a total of C$7.08 million.
The company sold 10,643,900 units at C$0.65 apiece in the first tranche and 245,000 units at that price in this tranche for a total of 10,888,900 units.
Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.90 for two years.
The deal was conducted by a syndicate of agents, which was led by Loewen, Ondaatje, McCutcheon Ltd. and included PI Financial Corp. and D&D Securities Co.
Proceeds will be used to finance fulfillment of existing and new commercial orders; development of larger capacity generators and general working capital purposes.
Based in Seattle, MicroPlanet develops distributed-energy technologies.
| Issuer: | MicroPlanet Technology Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$7,077,785
|
| Units: | 10,888,900
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.90
|
| Agents: | Loewen, Ondaatje, McCutcheon Ltd. (lead), PI Financial Corp. and D&D Securities Co.
|
| Pricing date: | April 22
|
| Settlement date: | June 13 (for C$6,918,535), July 21 (for C$159,250)
|
| Stock symbol: | TSX Venture: MP
|
| Stock price: | C$0.70 at close on April 21
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
