Company is selling 30 million units of one share, a warrant at C$0.05
By Devika Patel
Knoxville, Tenn., Nov. 6 - MicroPlanet Technology Corp. said it raised C$249,784 in the first tranche of a C$1.5 million non-brokered private placement of units. The deal priced Oct. 18.
The company is selling 30 million units of one common share and one warrant at C$0.05 per unit. It sold 4,995,673 units in the initial tranche.
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.
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Issue: | Units of one common share and one warrant
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Amount: | C$1.5 million
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Units: | 30 million
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Price: | C$0.05
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Warrants: | One warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | C$0.05
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Agent: | Non-brokered
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Pricing date: | Oct. 18
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Settlement date: | Nov. 6 (for C$249,784)
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Stock symbol: | TSX Venture: MP
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Stock price: | C$0.04 at close Oct. 17
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Market capitalization: | C$6.87 million
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