Natcore Technology Inc.

Natcore Technology Inc.

December 14, 2010 16:04 ET

Natcore Technology Plans $2 Million Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2010) - Natcore Technology Inc. (TSX VENTURE:NXT)(PINK SHEETS:NTCXF) has arranged a C$2 million private placement in order to accelerate the company's research and development activities.

The non-brokered deal involves the sale of up to 2,666,667 units at a price of C$0.75 per Unit for aggregate gross proceeds of C$2,000,000. Each unit comprises 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' of the Company disseminating a press release providing notice of same.

"We've been conducting R&D work at Rice University and the Ohio State University," says Natcore President and CEO Chuck Provini. "This capital infusion will allow us to build our own lab and to move much more quickly toward building a super-efficient tandem solar cell using our liquid phase deposition process." A location for the new facility has not yet been finalized, although suitable facilities have been identified.

Finder's fees may be payable on all or portion of the financing. Proceeds of the placement will be applied further development of the Company's technologies and general working capital. The completion of the placement is subject to regulatory approval, including the approval including the approval of the TSX Venture Exchange.

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 new 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.

Contact Information

  • Natcore Technology Inc.
    Chuck Provini