News Article
Financing to set POETry in motion at OPEL
The $7.2 million will be used to develop and market the firm's III-V GaAs (gallium arsenide) based solar cell technology
OPEL Technologies has successfully completed a $7.2 million private placement which was oversubscribed from the previously announced $5.5 million.
The financing consisted of 14,400,000 Units at a price of C$0.50 per unit. Each unit comprises one common share and one common share purchase warrant. One full warrant allows the holder to acquire one common share of OPEL at an exercise price of C$0.75 per share until February 14th, 2015.
The private placement was conditionally accepted by the TSX Venture Exchange. The securities issued pursuant to the private placement will be subject to a hold period which expires on June 15th, 2013.
The company paid cash commissions of 7 percent of the funds raised and issued a number of broker warrants equal to 10 percent of the units raised. Each broker warrant allows the holder to acquire one common share of OPEL at a price of C$0.50 until February 14th, 2016.
The financing was provided by IBK Capital. IBK has a long-standing history of supporting OPEL and its business. This funding will provide the firm with the capital required to complete a $1.3 million equipment acquisition, fund ODIS's internal and third party development efforts, general administrative expenses and working capital.
With the capital in place, OPEL is in a position to aggressively continue development work towards its previously announced milestones and its strategy of the monetisation of the POET Technology.
The financing consisted of 14,400,000 Units at a price of C$0.50 per unit. Each unit comprises one common share and one common share purchase warrant. One full warrant allows the holder to acquire one common share of OPEL at an exercise price of C$0.75 per share until February 14th, 2015.
The private placement was conditionally accepted by the TSX Venture Exchange. The securities issued pursuant to the private placement will be subject to a hold period which expires on June 15th, 2013.
The company paid cash commissions of 7 percent of the funds raised and issued a number of broker warrants equal to 10 percent of the units raised. Each broker warrant allows the holder to acquire one common share of OPEL at a price of C$0.50 until February 14th, 2016.
The financing was provided by IBK Capital. IBK has a long-standing history of supporting OPEL and its business. This funding will provide the firm with the capital required to complete a $1.3 million equipment acquisition, fund ODIS's internal and third party development efforts, general administrative expenses and working capital.
With the capital in place, OPEL is in a position to aggressively continue development work towards its previously announced milestones and its strategy of the monetisation of the POET Technology.
