MicroPlanet Closes Final Tranche Of Private Placement Of Convertible Notes, Enters Shares For Debt Agreements, And Closes First
31 Luglio 2012 - 3:00PM
PR Newswire (Canada)
Company: MicroPlanet Technology Corp. Stock Listing: MP:TSXV Stock
Listing (US): MCTYF: OTC Web Site: www.microplanet.com SEATTLE, WA,
July 31, 2012 /CNW/ - MicroPlanet Technology Corp. ("MicroPlanet"
or the "Company"), a provider of smart grid technology, which
significantly increases efficiency, quality, and conservation of
electricity, today is pleased to announce that it has closed the
second and final tranche of its previously announced non-brokered
private placement of secured, convertible notes (the "Convertible
Note Private Placement") in the principal amount of $300,000 (the
"Notes"). The Notes have a two-year term and bear interest at
a rate of twelve percent (12%) per annum payable in arrears upon
maturity. The holders of the Notes will have the option to convert
the principal amount into common shares in the capital of the
Company at a conversion price of $0.10 per share, or receive full
repayment in cash at the end of the term. The Company may, at its
option, at any time before the maturity date, pre-pay and redeem
the Notes, provided that interest is paid in full to the original
maturity date. The Company intends to use these proceeds to finance
the fulfillment of expected orders and for general corporate
purposes. The Notes were sold pursuant to applicable registration
and prospectus exemptions to qualified investors in Canada. The
Notes are subject to a four-month hold period in accordance with
applicable securities laws. Shares for Debt In conjunction with the
closing of the Convertible Note Private Placement, the Company is
also pleased to announce that is has entered into agreements with
various directors, employees and other creditors to settle debts in
the aggregate amount of $394,551 in exchange for the issuance of an
aggregate of 7,891,028 common shares at a deemed price of $0.05 per
common share (the "Debt Settlement"). Closing of the Debt
Settlement is subject to the receipt of approval by the TSX Venture
Exchange and applicable securities regulatory authorities. The
common shares issuable in connection with the Debt Settlement will
be subject to a four-month hold period in accordance with
applicable securities laws. Closing of Equity Financing MicroPlanet
is also pleased to announce the closing of the first tranche of a
non-brokered private placement comprised of 5,560,000 common shares
at a price of $0.05 per common share for aggregate gross proceeds
of $278,000 (the "Equity Private Placement"). MicroPlanet
previously received conditional listing from the TSX Venture
Exchange to sell up to 30,000,000 common shares at a price of $0.05
per common share for gross proceeds of $1,500,000. The common
shares were sold pursuant to applicable registration and prospectus
exemptions to qualified investors. The common shares are subject to
a four-month hold period in accordance with applicable securities
laws. Closing of the Equity Private Placement is subject to final
approval from the TSX Venture Exchange and applicable securities
regulatory authorities. Extension of Convertible Notes MicroPlanet
has received final approval from the TSX Venture Exchange to extend
the maturity and interest payable of its existing convertible notes
to December 31, 2013, as previously announced on June 19, 2012. The
total principal amount of the convertible notes subject to
extension is $2,013,000 involving a total of nine note holders.
About MicroPlanet Technology Corp. MicroPlanet solutions improve
power quality and save energy by dynamically managing incoming
voltage to a home or business through the use of patented, advanced
power electronics. MicroPlanet's technology has been deployed in
seven countries by more than 20 utilities, the U.S military and
multiple commercial customers to save energy, improve power quality
and grid efficiency and to facilitate the integration of renewable
energy sources, including solar and wind. MicroPlanet is based in
Seattle, WA and is listed on the TSXV trading under the stock
symbol: MP. www.microplanet.com. THIS NEWS RELEASE MAY CONTAIN
FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS MAY DIFFER
MATERIALLY FROM THOSE CONTEMPLATED. THE RISKS, UNCERTAINTIES AND
OTHER FACTORS, BOTH KNOWN AND UNKNOWN, THAT COULD INFLUENCE ACTUAL
RESULTS MAY BE SUBSTANTIAL AND INCLUDE THOSE DESCRIBED IN DOCUMENTS
FILED WITH REGULATORY AUTHORITIES, SUCH AS THE COMPANY'S MOST
RECENTLY FILED ANNUAL AND QUARTERLY REPORTS. ACCORDINGLY, NO
ASSURANCES CAN BE GIVEN THAT ANY OF THE EVENTS ANTICIPATED BY THE
FORWARD-LOOKING STATEMENTS WILL TRANSPIRE OR OCCUR, OR IF ANY OF
THEM DO SO, WHAT BENEFITS THE COMPANY WILL DERIVE THEREFROM.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM
IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE. MicroPlanet Technology
Corp. CONTACT: MicroPlanet Investor Relations: Dave Burwell / Grant
HowardThe Howard GroupPh: 888-221-0915Fax: 403-237
8387info@howardgroupinc.comwww.howardgroupinc.com MicroPlanet
Company Contacts:Brett IronsidePresident & Chief Executive
OfficerTel: 206-625-0851Fax: 206-625-0999bironside@microplanet.com
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