OPEL Technologies Inc.

OPEL Technologies Inc.

September 14, 2012 08:00 ET

OPEL Technologies Completes Further $1.24 Million Financing

SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - Sept. 14, 2012) - OPEL Technologies Inc. (TSX VENTURE:OPL)(OTCQX:OPELF) ("OPEL" or "the Company") is pleased to announce that, in response to high demand for its fully subscribed and completed $3,000,000 financing announced on September 10, 2012, it has completed a further financing resulting in proceeds of $1,234,870 through IBK Capital Corp. ("IBK") as agent. The private placement offering consisted of 5,369,000 Units at a price of $0.23. Each unit consists of one common share and one common share purchase warrant. One full warrant allows the holder to acquire one common share of OPEL for a period of three years at an exercise price of $0.35 per share. There are currently 112,102,900 common shares issued and outstanding.

The Company paid a cash commission equal to 7% of the funds raised and 10% of the units sold in the form of broker warrants. Each broker warrant allows the holder to acquire one common share of OPEL at a price of $0.23 for 48 months. All securities issued pursuant to the private placement are subject to a hold period which expires on January 14, 2013.

Leon Pierhal, CEO, and Peter Copetti, Executive Director, agreed that "the high degree of interest in OPEL's private placements reinforces our belief that our shareholders appreciate and support the new direction of the Company in divesting the solar division to focus on our core business which is ODIS Inc. and the POET Technology."

About OPEL Technologies Inc.

With head office in Toronto, Ontario, Canada, and operations in Shelton, CT, the Company, through ODIS Inc., a U.S. company, designs III-V semiconductor devices for military, industrial and commercial applications, including infrared sensor arrays and ultra-low-power random access memory; and through OPEL Solar, Inc., provides PV systems for energy applications. The Company has 37 patents issued and 13 patents pending, primarily for its semiconductor POET process, which enables the monolithic fabrication of integrated circuits containing both electronic and optical elements, with potential high-speed and power-efficient applications in devices such as servers, tablet computers and smartphones. OPEL's common shares trade on the TSX Venture Exchange under the symbol "OPL". For more information please visit our websites at www.opeltechinc.com; for OPEL Solar at www.opelsolar.com; and for ODIS at www.odisinc.com.


Michel Lafrance, Secretary

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

  • OPEL Technologies Inc.
    Patricia Venneri Agudow
    Vice President, Public Relations
    +1 (203) 612-2366 Ext. 2612