IBK Capital assists in sale of 11 million units on best-efforts basis
By Toni Weeks
San Luis Obispo, Calif., Feb. 5 - OPEL Technologies Inc. said it has arranged a C$5.5 million private placement of units with IBK Capital Corp.
The company will sell up to 11 million units of one common share and one warrant at C$0.50 per unit on a best-efforts basis.
Each two-year warrant is exercisable at C$0.75. The strike price is a 50% premium to C$0.50, the Jan. 18 closing share price.
Settlement is expected Feb. 14.
Proceeds will be used for capital equipment and the monetization of the POET Technology.
Based in Toronto, OPEL Technologies makes dual- and single-axis trackers and high-concentration photovoltaic panels through OPEL Solar, Inc. and designs III-V semiconductor devices through ODIS Inc.
| Issuer: | OPEL Technologies Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5.5 million
|
| Units: | 11 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Agent: | IBK Capital Corp.
|
| Announcement date: | Jan. 21
|
| Pricing date: | Feb. 5
|
| Settlement date: | Feb. 14
|
| Stock symbol: | TSX Venture: OPL
|
| Stock price: | C$0.50 at close Jan. 18
|
| Market capitalization: | C$55.87 million
|
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