MicroCoal raises $335,000 from fifth private placement
Tuesday, July 15 2014 - 12:16 AM WIB
Canadian firm MicroCoal Technologies Inc. said that it has closed the fifth tranche of its previously announced non-brokered private placement in the amount of US$335,000.
MicroCoal said in a statement obtained Monday that in conjunction with the closing of the fifth tranche, it will issue an aggregate of 1,675,000 units of the company at a subscription price of $0.20 per unit.
Each unit is comprised of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of $0.30 for up to 12 months following the date of issuance, subject to the terms thereof.
In connection with the fifth tranche, the company paid a cash commission equal to 10 percent on a portion of the gross proceeds raised from the sale of the Units to an arm's length party in the aggregate amount of approximately $3,500 and granted 17,500 finder?s warrants to purchase units, the statement said.
MicroCoal said it intends to use the net proceeds from the private placement to advance construction on the company's first commercial facility in Indonesia for upgrading low rank coals and for general corporate purposes and working capital.
The company said it will be continuing with the sixth tranche of the private placement on the same terms and conditions as announced on March 3, 2014.
Editing by Reiner Simanjuntak