Business
MicroPlanet Closes Second Tranche of Private Placement of Common Shares and Issuance of Shares for Debt
Company: MicroPlanet Technology Corp. Stock Listing: MP:TSXV Stock Listing (US): MCT...
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[{"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\nSEATTLE, WA, Oct. 12, 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 tranche of its previously announced non-brokered private placement of\n common shares of 10,687,167 common shares at a price of $0.05 per\n common share for aggregate gross proceeds of $534,358.36. The common\n shares were sold pursuant to applicable registration and prospectus\n exemptions to qualified investors in Canada. The common shares are\n subject to a four-month hold period in accordance with applicable\n securities laws.\n\n\nMicroPlanet also issued 3,919,028 common shares to settle debts with\n various creditors in the aggregate amount of $195,951.38. The common\n shares were sold pursuant to applicable registration and prospectus\n exemptions to qualified investors in Canada and the United States. The\n common shares are subject to a four-month hold period in accordance\n with applicable securities laws.\n\n\nSummarizing the past few months, in addition to the aforementioned\n closings MicroPlanet closed the first tranche of a non brokered private\n placement in the amount of $278,000.00, extended $2,013,000.00 of\n existing debt to December 31, 2013, and closed a further $1,100,000.00\n in convertible debt. It is also expected that prior to year end the\n company will convert the short term loans provided and announced\n earlier this year to equity. These loans were not allowed for\n conversion in this tranche.\n\n\nAbout MicroPlanet Technology Corp.\n\n\nMicroPlanet solutions improve power quality and save energy by\n dynamically managing incoming voltage to a home or business through the\n use of patented, advanced power electronics. MicroPlanet's technology\n has been deployed in seven countries by more than 20 utilities, the U.S\n military and multiple commercial customers to save energy, improve\n power quality and grid efficiency and to facilitate the integration of\n renewable energy sources, including solar and wind. MicroPlanet is\n based in Seattle, WA ...