22 July 2010


OPEL closes $7.55m private placement to enable build out of inventory  

OPEL International Inc of Shelton, CT, USA and Toronto, Ontario, Canada, which makes high-concentration photovoltaic (HCPV) panels (as well as both roof- and ground-based dual- and single-axis solar trackers for mounting them), has closed its brokered private placement (announced on 10 June) of 25,164,665 units at a price of $0.30 each for gross proceeds of $7,549,400.

Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one additional share at $0.50 each until 21 July 2012. The securities issued may not be traded before 22 November 2010.

IBK Capital Corp acted as lead agent. The agents received total commissions of $668,556 and 2,476,134 compensation warrants. Each compensation warrant entitles the holder to purchase one common share at $0.30 each until 21 July 2014.

The offering exceeded the original $7m target, despite the tough economic times, points out CEO Leon M. Pierhal. “This capital raise ensures the company’s ability to build out the necessary inventory to timely supply its forecasted solar project backlog.”

Net proceeds will be used to secure key components for solar products, for R&D, and for general working capital purposes. Much of the manufacturing of the products required for upcoming solar projects will be performed in the USA and Canada. OPEL says that this should result not only in the achievement of its forecasted revenue, but also in the creation of jobs in the North American manufacturing sector.

“The OPEL team is enthusiastic to get underway to fulfill the requirements of the projects which our relationships with some of the largest EPC (engineering, procurement and construction) partners have yielded,” says Pierhal. “The investors in OPEL have clearly affirmed their belief in our ability to deliver solar energy at the utility-scale level.”

See related items:

OPEL opens $7m fundraising round

OPEL raises revenue forecast as firm reaches ‘turning point’

Search: OPEL CPV