Company sells 55.5 million units of one share, one warrant at C$0.02
By Devika Patel
Knoxville, Tenn., March 4 - MicroPlanet Technology Corp. said it will conduct a C$1.11 million non-brokered private placement of units.
The company will sell 55.5 million units of one common share and one warrant at C$0.02 per unit.
Each warrant is exercisable at C$0.02 for three years. The strike price reflects a 50% discount to the March 3 closing share price of C$0.04.
Proceeds will be used to secure and fulfill commercial orders, develop voltage regulators, for debt payments, to bring back laid-off employees 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$1.11 million
|
| Units: | 55.5 million
|
| Price: | C$0.02
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.02
|
| Agent: | Non-brokered
|
| Pricing date: | March 4
|
| Stock symbol: | TSX Venture: MP
|
| Stock price: | C$0.04 at close March 3
|
| Market capitalization: | C$4.82 million
|
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