News Article
Opel extends financing for GaAs solar innovation
The firm is trying to further develop its III-V compound semiconductor POET technology by extending financing to 7th September
OPEL Technologies (Opel) has completed to date a total of $1,557,420 of a $3,000,000 private placement, with IBK Capital Corp., acting as agent.
On a best efforts basis, IBK is now offering up to 13,043,478 units at a price of $0.23 per unit for proceeds of up to $3,000.
Each unit consists of one common share and one common share purchase warrant. One full warrant allows the holder to acquire one common share of Opel for a period of three years at an exercise price of $0.35 per share.
Only last week, the firm said it had set up two special committees to push its POET platform
based on its ODIS Inc. division's III-V solar technology. To advance this platform it looks like Opel needs more financing.
The firm says securities issued pursuant to the offering are subject to a hold period which expires four months and one day following closing. Opel will pay a cash commission of 7 percent of the funds raised and 10 percent of the units sold in the form of broker warrants. Each broker warrant allows the holder to acquire one common share of Opel at a price of $0.23 for 48 months after the closing date.
Opel has agreed with IBK, subject to acceptance by the TSX Venture Exchange, to extend the closing of the remainder of the offering to September 7th, 2012.
