Company sells 7,883,240 units of one share, warrant at C$0.05 per unit
By Devika Patel
Knoxville, Tenn., Dec. 4 - MicroPlanet Technology Corp. said it took in C$144,378 in the second and final tranche of a $394,162 non-brokered private placement of units. The deal priced for C$1.5 million on Oct. 18 and raised C$249,784 on Nov. 6.
The company sold a total of 7,883,240 units of one common share and one warrant at C$0.05 per unit. It sold 4,995,673 units in the initial tranche and 2,887,567 units in the second.
Each warrant is exercisable at C$0.05 for three years. The strike price reflects a 25% premium to the July 26 closing share price of C$0.04.
Proceeds will be used for fulfillment of commercial orders, development of voltage regulators, to reduce notes payable and for general working capital purposes.
Based in Seattle, MicroPlanet develops distributed-energy technologies.
| Issuer: | MicroPlanet Technology Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$394,162
|
| Units: | 7,883,240
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.05
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 18
|
| Settlement date: | Nov. 6 (for C$249,784), Dec. 4 (for C$144,378)
|
| Stock symbol: | TSX Venture: MP
|
| Stock price: | C$0.04 at close Oct. 17
|
| Market capitalization: | C$6.1 million
|
© 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.
