Funds will complete optimization of company's black silicon technology
By Devika Patel
Knoxville, Tenn., July 20 - Natcore Technology Inc. said it settled a C$2.5 million non-brokered private placement of units. The deal priced July 3.
The company sold 4,166,167 units one common share and one warrant at C$0.60 per unit. Each two-year warrant will be exercisable at C$0.90. The strike price is a 12.5% premium to C$0.80, the June 29 closing share price.
Proceeds will be used to complete optimization of the company's black silicon technology and to build a production version of Natcore's AR-Box processing station, which will be capable of etching and coating cells with black silicon at a rate of 1,500 to 2,000 cells per hour.
"Although this placement had been planned for several months, the C$2.5 million came in very quickly," president and chief executive officer Chuck Provini said in a press release. "We easily could have raised twice as much, but we raised only what we needed for the tasks at hand. We wanted to avoid dilution."
Based in Red Bank, N.J., Natcore Technology controls a process for thin film growth with applications in solar energy, semiconductors, fiber optics and other industries.
| Issuer: | Natcore Technology Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.5 million
|
| Units: | 4,166,167
|
| Price: | C$0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.90
|
| Agent: | Non-brokered
|
| Pricing date: | July 3
|
| Settlement date: | July 20
|
| Stock symbol: | TSX Venture: NXT
|
| Stock price: | C$0.80 at close June 29
|
| Market capitalization: | C$43.82 million
|
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