By Devika Patel
Knoxville, Tenn., April 22 - MicroPlanet Technology Corp. said it will conduct an C$8 million private placement of units.
The company will sell units at C$0.65 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.90 for two years.
Proceeds will be used to finance fulfillment of existing and new commercial orders, to develop larger capacity generators and for general working capital purposes. Settlement is expected May 29.
Loewen, Ondaatje, McCutcheon Ltd. is the lead agent. The syndicate also includes PI Financial Corp. and D&D Securities Co.
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$8 million
|
| 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., D&D Securities Co.
|
| Pricing date: | April 22
|
| Settlement date: | May 29
|
| Stock symbol: | TSX Venture: MP
|
| Stock price: | C$0.70 at close on April 21
|
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