Natcore Technology Inc.
TSX VENTURE : NXT
PINK SHEETS : NTCXF

Natcore Technology Inc.

January 04, 2011 13:15 ET

Natcore Technology Closes Oversubscribed Non-Brokered Private Placement

Financing Raises $3,000,000

RED BANK, NEW JERSEY--(Marketwire - Jan. 4, 2011) - Natcore Technology Inc. (TSX VENTURE:NXT)(PINK SHEETS:NTCXF) has today completed a C$3.0 million private placement. The funds will be used to accelerate the company's research and development activities, particularly in the area of super-efficient tandem solar cells, and for general working capital.

The financing, which was announced on December 14, 2010, and was expected to total C$2.0 million, was substantially oversubscribed. As a result, Natcore received gross proceeds of C$3,024,425, pursuant to the issuance of 4,032,566 units at a price of C$0.75 per unit. The overallotment has received regulatory approval, including the sanction of the TSX Venture Exchange.

Each unit comprised one common share and one-half warrant, with each full warrant enabling purchase of a further common share at C$1.00 for a period of three years from closing. In the event that Natcore shares close at over C$1.75 for 20 consecutive trading days, the warrants will be subject to accelerated conversion within 30 days' notice of the company disseminating a press release providing notice of that circumstance.

"We see this oversubscription as a vote of confidence from the investment community," says Natcore President and CEO Chuck Provini. "The funds will be put to good use. We're actively engaged in selecting the most advantageous location for our own laboratory facilities, and this funding will allow us to rapidly accelerate our tandem solar cell research program."

The first tranche of the placement, representing the sale of 2,469,333 units, was completed on December 22, 2010. All securities issued pursuant to the first tranche of the placement are subject to a hold period expiring on April 23, 2011. The balance of the placement, representing 1,563,233 units, was completed today. All securities issued pursuant to the second tranche of the placement are subject to a hold period expiring on May 5, 2011.

Statements herein other than purely historical factual information, including statements relating to revenues or profits, or Natcore's future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in Natcore's business, including risks inherent in the technology history. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, Natcore expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company in the United States. The securities of Natcore have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to or for the account or benefit of a U.S. person unless so registered or pursuant to an available exemption from the registration requirements of such Act or laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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