SEATTLE, WASHINGTON--(Marketwired - April 15, 2014) - MicroPlanet Technology Corp. ("MicroPlanet" or the "Corporation") (TSX VENTURE:MP)(PINKSHEETS:MCTYF) a provider of smart grid and power quality technology and products, which significant increases efficiency, quality and conservation of electricity and enables the integration of up to 95%+ penetration of alternative energy into electrical grids' low voltage networks is pleased to announce the closing of an additional Tranche of its previously announced Private Placement. To date, the Corporation has issued a total of 18,288,968 Units at a price of $0.02 per Unit for gross proceeds of CDN$365,779. The Corporation previously announced the closing of 5,558,200 Units for gross proceeds of CDN$111,164. Each Unit was comprised of one common share in the capital of the Corporation and one common share purchase warrant. Each warrant entitles the holder to acquire one common share in the capital of the Corporation at any time until the date that is 36 months following the closing date upon payment of the exercise price of $0.02 per common share.
The Units were sold pursuant to applicable registration and prospectus exemptions to qualified investors in the United States. The common shares and any common shares acquired pursuant to the exercise of the warrants comprising the Units are subject to a four-month hold period in accordance with applicable securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an application exemption from the registration requirements.
About MicroPlanet Technology Corp.
MicroPlanet Technology Corp. is a smart grid, energy conservation company, whose technology dynamically and steplessly regulates voltage with unrivaled speed and accuracy using its patented and advanced power electronics. MicroPlanet's technology solutions have been deployed in seven countries by more than 20 utilities, the U.S military and multiple commercial customers to manage voltage on networks, 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 and trades on the OTC under the stock symbol: MP and MCTYF, respectively. www.microplanet.com
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