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