3 September 2012

OPEL extends closing of private placement offering to 7 September

With IBK Capital Corp acting as agent (on a best efforts basis), 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 – has completed to date a total of $1,557,420 of a $3,000,000 private placement, with respect to an offering announced in mid-June of up to 13,043,478 units at a price of $0.23 per unit (for 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 securities issued are subject to a hold period which expires four months and one day following closing. OPEL will pay 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).

OPEL says that, in light of the Labour Day holiday on 3 September and in order to accommodate subscribers who are completing their summer vacations and to facilitate the administrative documentation of the transaction, it has agreed with IBK (subject to acceptance by the TSX Venture Exchange) to extend the closing of the remainder of the offering to 7 September.

Tags: OPEL Technologies

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