MicroPlanet Closes Private Placement, Shares for Debt

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[{"type":"text","content":"\n\n\n Jul. 12, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nStock Listing: MP:TSXV\nStock Listing (US): MCTYF: OTC \n\n\nSEATTLE, WA, July 12, 2011 /CNW/ - MicroPlanet Technology Corp.\n ("MicroPlanet" or the "Company"), (TSXV:MP) (PINK:MCTYF) a provider of\n smart grid technology, which significantly increases efficiency,\n quality, and conservation, of electricity, today is pleased to announce\n that it has closed a non-brokered private placement of 9,637,450 units\n (the "Units") at a price of C$0.10 per Unit (the "Offering").  Each\n Unit consists of one common share of MicroPlanet (the "Common Shares")\n and one Common Share purchase warrant (the "Warrants").  Each Warrant\n entitles the holder to acquire one Common Share at any time prior to\n 4:00 p.m. (Seattle time) on the date that is two years from the closing\n date of the Offering upon payment of the exercise price of C$0.15 per\n Common Share.\n\n\nThe Offering raised gross proceeds of C$963,745, and up to a further\n C$1,445,617.50 assuming full exercise of the Warrants. MicroPlanet\n intends to use these proceeds for the retirement of maturing\n convertible securities and for general working capital purposes.\n Certain members of the Company's management and its Board of Directors\n participated in the Offering by acquiring, in the aggregate, 5,687,450\n Units.\n\n\nShares for Debt\n\n\nIn conjunction with the Offering, the Company also ann...

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