News Article
Opel closes a further $1.15 million in financing
The proceeds of this financing will be partly used for the development of the firm's III-V compound semiconductor POET technology
Opel Technologies Inc. has completed a further financing which resulted in proceeds of $1,150,000 through IBK Capital Corp. as agent.
Five million units were price protected as of September 18th, 2012 in response to continued high demand for the Company's financings announced September 10th, 2012 and September 14th, 2012.
The private placement offering consisted of 5,000,000 units at a price of $0.23. 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. There are currently 117,106,650 common shares issued and outstanding after the financing.
The company paid a cash commission equal to $72,500 and 500,000 broker warrants. Each broker warrant allows the holder to acquire one common share of Opel at a price of $0.23 for 48 months. All securities issued pursuant to the private placement are subject to a hold period which expires on January 28th, 2013.
Leon M. Pierhal, CEO, comments, "The company continues to aggressively work to reduce its expenses and debt in support of our strategic decision to divest the solar division to focus on our core business which is ODIS Inc. and the POET Technology. The proceeds of this financing will be used for these initiatives and the development of POET."
