MicroPlanet Announces Private Placement
SEATTLE, WASHINGTON--(Marketwired - July 29, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
MicroPlanet Technology Corporation ("MicroPlanet" or the "Corporation") (TSX VENTURE:MP)(PINKSHEETS:MCTYF), a provider of smart grid technology and products which significantly increases efficiency, quality and conservation of electricity and enables the integration of alternative energy into the power grids, is pleased to announce a non-brokered private placement pursuant to which the Corporation proposes to issue up to 30,000,000 Units at a price of $0.05 per Unit for gross proceeds of up to CDN$1.5 million (the "Offering"). Each Unit will be comprised of one common share in the capital of the Corporation and one common share purchase warrant. Each warrant entitles the holder to acquire one common share in the capital of the Corporation at any time until the date that is 36 months following the Closing date of the Offering upon payment of the exercise price of $0.10 per common share.
The proceeds from the Offering will be used by the Corporation for product and sales development and for general corporate purposes.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The Units will be offered and sold only on a private placement basis to investors who purchase securities pursuant to an exemption to the prospectus requirement under Canadian securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an application exemption from the registration requirements.
About MicroPlanet Technology Corp.
MicroPlanet Technology Corp. is a smart grid, energy conservation Corporation whose technology regulates voltage steplessly, with unrivalled speed and accuracy. MicroPlanet Technology Corporation products are used by utilities to optimize the management of voltage on their networks, to improve power quality, and to manage the integration of bi-directional distributed energy from solar PV and wind into the power grid. In commercial and residential building installations, MicroPlanet products have been proven to significantly increase equipment useful lives and reduce electric bills, maintenance costs and greenhouse gases. MicroPlanet is based in Seattle, WA and is listed on the TSX Venture Exchange (TSX-V) trading under the stock symbol: MP. MicroPlanet's website is www.microplanet.com.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.