MicroPlanet Technology Corp.
TSX VENTURE : MP
PINKSHEETS : MCTYF

MicroPlanet Technology Corp.

October 18, 2013 08:00 ET

MicroPlanet Announces Private Placement

SEATTLE, WASHINGTON--(Marketwired - Oct. 18, 2013) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

MicroPlanet Technology Corporation ("MicroPlanet" or the "Corporation") (TSX VENTURE:MP)(PINKSHEETS:MCTYF), a provider of smart grid technology and products which significantly increases efficiency, quality and conservation of electricity and enables the integration of alternative energy into the power grids, is pleased to announce a non-brokered private placement pursuant to which the Corporation proposes to issue up to 30,000,000 Units at a price of $0.05 per Unit for gross proceeds of up to CDN$1.5 million (the "Offering"). Each Unit will be 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 of the Offering upon payment of the exercise price of $0.05 per common share.

The proceeds from the Offering will be used by the Corporation to finance the fulfillment of existing and expected commercial orders; further the development of voltage regulators; reduce notes payable; and for general working capital purposes.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The Units will be offered and sold only on a private placement basis to investors who purchase securities pursuant to an exemption to the prospectus requirement under Canadian and other 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 regulates voltage steplessly with unrivaled speed and accuracy. MicroPlanet solutions improve power quality and save energy by dynamically managing voltage through the use of patented, advanced power electronics. MicroPlanet's technology solutions has 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

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.

Contact Information

  • MicroPlanet Technology Corp.
    Joe Tanner
    President and Chief Executive Officer
    360-910-1600
    425-984-2746 (FAX)
    jtanner @microplanet.com

    MicroPlanet Technology Corp.
    Ed Garth
    Chief Financial Officer
    206-790-7790
    425-984-2746 (FAX)
    egarth@microplanet.com
    www.microplanet.com