IBK Capital conducts sale of 14.4 million units on best-efforts basis
By Devika Patel
Knoxville, Tenn., Feb. 15 - OPEL Technologies Inc. said it settled a C$7.2 million private placement of units with IBK Capital Corp. The deal priced for C$5.5 million on Feb. 5 and was announced Jan. 21.
The company sold 14.4 million units of one common share and one warrant at C$0.50 per unit on a best-efforts basis.
Each warrant is exercisable at C$0.75 until Feb. 14, 2015. The strike price is a 50% premium to C$0.50, the Jan. 18 closing share price.
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$7.2 million
|
| Units: | 14.4 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Feb. 14, 2015
|
| Warrant strike price: | C$0.75
|
| Agent: | IBK Capital Corp.
|
| Announcement date: | Jan. 21
|
| Pricing date: | Feb. 5
|
| Settlement date: | Feb. 15
|
| Stock symbol: | TSX Venture: OPL
|
| Stock price: | C$0.50 at close Jan. 18
|
| Market capitalization: | C$72.7 million
|
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