MicroCoal raises $552,000 from private placement
Signs final settlement with Orica
Friday, August 15 2014 - 02:23 AM WIB
Canadian firm MicroCoal Technologies Inc. said Thursday it has closed the sixth tranche of its previously announced non-brokered private placement in the amount of US$552,000.
The company said it would 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 added it will be continuing with the seventh tranche of the private placement on the same terms and conditions announced in its March 3, 2014 news release, subject to regulatory approval and the policies of the Canadian Stock Excange.
In a separate statement, MicroCoal announced that it has entered into a full and final settlement and release with Orica U.S. Services Inc. in respect of all claims between the company and Orica relating to the acquisition by the company of MicroCoal Inc. between 2011 and 2013. ?As part of the settlement, the company has agreed to pay US$150,000 to Orica in satisfaction of all amounts owing from the company to Orica,? it said.
Editing by Reiner Simanjuntak