Business
MicroPlanet Closes Final Tranche Of Private Placement Of Convertible Notes, Enters Shares For Debt Agreements, And Closes First Tranche Of Equity Financing
Company: MicroPlanet Technology Corp. Stock Listing: MP:TSXV Stock Listing (US): MCT...
About this update from Medicure Inc.
[{"type":"text","content":"\n\n\n\n\n\nCompany: MicroPlanet Technology Corp.\nStock Listing: MP:TSXV\nStock Listing (US): MCTYF: OTC \nWeb Site: www.microplanet.com\n\n\nSEATTLE, WA, July 31, 2012 /CNW/ - MicroPlanet Technology Corp. (\"MicroPlanet\" or the \"Company\"), (MP:TSXV & MCTYF:OTC) a provider of smart grid technology, which\n significantly increases efficiency, quality, and conservation of\n electricity, today is pleased to announce that it has closed the second\n and final tranche of its previously announced non-brokered private\n 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\n twelve percent (12%) per annum payable in arrears upon maturity. The\n holders of the Notes will have the option to convert the principal\n amount into common shares in the capital of the Company at a conversion\n price of $0.10 per share, or receive full repayment in cash at the end\n of the term. The Company may, at its option, at any time before the\n maturity date, pre-pay and redeem the Notes, provided that interest is\n paid in full to the original maturity date. The Company intends to use\n these proceeds to finance the fulfillment of expected orders and for\n general corporate purposes. The Notes were sold pursuant to applicable\n registration and prospectus exemptions to qualified investors in\n Canada. The Notes are subject to a four-month hold period in accordance\n with applicable securities laws.\n\n\nShares for Debt \n\n\nIn conjunction with the closing of the Convertible Note Private\n Placement, the Company is also pleased to announce that is has entered\n into agreements with various directors, employees and other creditors\n to settle debts in the aggregate amount of $394,551 in exchange for the\n issuance of an aggregate of 7,891,028 common shares at a deemed price\n of $0.05 per common share (the \"Debt Settlement\"). Closing of the Debt Settlement is subject to the receipt of approval\n by the TSX Venture Exchange and applicable securities regulatory\n authorities. The common shares issuable in connection with the Debt\n Settlement will be subject to a four-month hold period in accordance\n with applicable securities laws.\n\n\nClosing of Equity Financing \n\n\nMicroPlanet is also pleased...