SEATTLE, WASHINGTON--(Marketwired - March 4, 2014) -
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 and power quality technology, which significant increases efficiency, quality and conservation of electricity is pleased to announce a non-brokered private placement pursuant to which the Corporation proposes to issue up to 55,500,000 Units at a price of $0.02 per Unit for gross proceeds of up to CDN$1,110,000 (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 $0.02 per common share.
The proceeds from the Offering will be used by the Corporation to finance the securement and fulfillment of existing and expected commercial orders; to further the development of voltage regulators specific to customer requests; payment of operating debts; to bring back select previously laid off employees and for general working capital purposes.
The TSX Venture Exchange has provided conditional listing approval for the Offering pursuant to an application for relief from the minimum pricing requirements prescribed by the TSX Venture Exchange based on immediate or imminent financial hardship. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the final 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 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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.