By Devika Patel
Knoxville, Tenn., Dec. 17 - OPEL International Inc. announced it has raised C$22.5 million in a previously announced private placement of units. The deal priced on Dec. 5 for C$25 million.
The company planned to sell up to 16,666,667 units at C$1.50 each but only managed to sell 15 million units. The units consist of one common share and one half-share warrant with each whole warrant exercisable at C$1.90 for two years.
The offering was conducted by a syndicate of agents led by Raymond James Ltd. and including Clarus Securities Inc., Canaccord Adams Inc. and IBK Capital Corp.
The agents received a C$1,575,000 cash commission and 1.5 million compensation warrants. Each compensation warrant is exercisable for one unit at C$1.90 per unit until Dec. 13, 2009. Each unit has the same terms as those sold in the offering.
Based in Toronto, OPEL is a developer and supplier of concentrating photovoltaic panels.
| Issuer: | OPEL International Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$22.5 million
|
| Units: | 15 million
|
| Price: | C$1.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 13, 2009
|
| Warrant strike price: | C$1.90
|
| Agents: | Raymond James Ltd. (lead), Clarus Securities Inc., Canaccord Adams Inc., IBK Capital Corp.
|
| Fees: | C$1,575,000 in cash, 1.5 million compensation warrants exercisable for units
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 17
|
| Stock symbol: | TSX Venture: OPL
|
| Stock price: | C$1.58 at close Dec. 4
|
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