28 June 2012

OPEL completes second, $692,310 tranche of its $3m financing

In early June, OPEL Technologies Inc of Toronto, Ontario, Canada - which makes high-concentration photovoltaic (HCPV) panels and solar tracker systems through its subsidiary OPEL Solar Inc and develops III-V semiconductor devices and processes through US affiliate OPEL Defense Integrated Systems (ODIS Inc) of Shelton, CT - announced a financing arrangement for IBK Capital Corp to act as agent (on a best efforts basis) to conduct a private placement offering of up 13,043,478 units at a price of $0.23 each, to yield gross proceeds of up to $3m. Each unit consists of one common share and one common share purchase warrant (allowing the holder to acquire one common share for a period of three years at an exercise price of $0.35 per share).

The private placement has been conditionally accepted by the TSX Venture Exchange. The securities being issued are subject to a hold period that expires four months and one day following closing.

After a first tranche of the financing of $507,690 was completed on 8 June, a second tranche of $692,310 has now been completed, making $1.2m in total raised to date. The remaining $1.8m will be closed by 30 July, says OPEL.

OPEL is paying a cash commission of 7% of the funds raised and 10% of the units sold in the form of broker warrants (each allowing the holder to acquire one common share at a price of $0.23 for 48 months after the closing date).

See related items:

OPEL announces board changes; refocus on developing POET technology, and $3m financing

Tags: OPEL Technologies POET GaAs ICs

Visit: www.opeltechinc.com

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