OPEL International Inc.

OPEL International Inc.

June 08, 2007 16:54 ET

OPEL International Completes US$10.7 Million Private Placement

TORONTO, ONTARIO--(Marketwire - June 8, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

OPEL International Inc. ("OPEL" or the "Company") reports having completed, since the last shareholders' meeting, brokered private placements raising an aggregate US$10.7 million representing 17,843,298 units ("Units") of the Corporation at a price of US$0.60 per Unit (the "Offering"), each Unit consisting of one common share ("Share") and one-half of one share purchase warrant ("Warrant"). Each full Warrant is exercisable for the purchase of one common share for a period of three (3) years expiring at various dates from November 20, 2009 to May 29, 2010 at a price of $1.00 per share. IBK Capital Corp. acted as lead Agent in connection with the Offering. The Company paid or will pay a total 10% cash commission and issued or will issue a total of 1,784,330 Broker warrants exercisable at a price of $0.60 per share expiring at various dates from May 11, 2009 to June 5, 2009. All securities issued are subject to a four month hold period from the date of their respective issuance. Of this financing, 11,516,896 Units are held in escrow with IBK Capital until such time as the TSX Venture Exchange ("TSXV") has set the date for listing. The commission and broker warrants relating to the financing held in escrow will be paid and issued upon release from escrow, at which time the respective shares and warrants will be issued. If all of these warrants are exercised, the Company will receive almost US$ 10 million.

There are currently 28,530,156 common shares are issued and outstanding and one 1 voting special share carrying 5,972,000 votes.

The Company has obtained the conditional listing of the TSXV. One of the conditions was to raise a minimum of US$5.5 million, which condition was fulfilled by the financing disclosed herein and the US$2 million Debenture announced in February.

Mr. Robert Pico, CEO of the Company stated: "I am very pleased with the amount of financing raised to-date which exceeded our initial expectations. We look forward to receiving final approval for our TSXV listing."

About OPEL

OPEL designs, manufactures and markets high performance concentrating photovoltaic products to transform solar energy into electricity for worldwide application. OPEL's high performance photovoltaic concentrating products generate up to 40% more kilowatt-hours than conventional fixed solar panels, resulting in more cost effective electricity generated from the sun. OPEL International also operates on premise generating facilities that provide customers with solar generated electricity at competitive prices without the need of capital investments on their part. OPEL also designs infrared sensor type products for military and industrial applications. For more information on OPEL please visit the OPEL website at www.opelinc.com.

Dated: June 8th, 2007

ON BEHALF OF THE BOARD OF DIRECTORS

Michel Lafrance, Secretary

Investors are cautioned that except for statements of historical facts, certain statements contained in this news release may include forward-looking information with respect to the Company. Such forward-looking statements or information are based on current expectations, estimates and projections formulated using assumptions currently believed to be reasonable and involving a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. The Company does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to any U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

No regulatory bodies accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • OPEL International Inc.
    Michael McCoy
    C.F.O.
    (203) 612-2366 ext 2229
    (203) 944-0800 or (416) 861-0749 (FAX)
    Email: m.mccoy@opelinc.com
    or
    OPEL International Inc.
    Michel J. Lafrance
    Secretary
    (416) 368-9411
    (416) 861-0749 (FAX)
    Website: www.opelinc.com