Non-brokered offering sells 50 million units with one-year warrants
By Devika Patel
Knoxville, Tenn., March 3 - MicroCoal Technologies Inc. said it has arranged a C$10 million non-brokered private placement of units.
The company will sell 50 million units of one common share and one warrant at C$0.20 per unit.
Each one-year warrant will be exercisable at C$0.30. The strike price is a 57.9% premium to the Feb. 29 closing share price of C$0.19.
Proceeds will be used for construction on the company's first commercial facility in Indonesia for upgrading low rank coals, general corporate purposes and working capital.
The Vancouver, B.C., company provides solutions for companies, organizations and individuals looking to reduce or offset their global warming impact caused by greenhouse gas emissions.
Issuer: | MicroCoal Technologies Inc.
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Issue: | Units of one common share and one warrant
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Amount: | C$10 million
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Units: | 50 million
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Price: | C$0.20
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Warrants: | One warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.30
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Agent: | Non-brokered
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Pricing date: | March 3
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Stock symbol: | CNSX: MTI
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Stock price: | C$0.19 at close Feb. 28
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