Mr. Slawek Smulewicz reports
MICROCOAL ANNOUNCES $3,000,000 PRIVATE PLACEMENT
Microcoal Technologies Inc. has arranged a non-brokered private placement of
up to 10 million units of Microcoal at a price of 30 cents per
unit for gross proceeds of up to $3-million.
Each unit consists of one common share of Microcoal and an equal number of five-year, non-listed,
non-transferable warrants to purchase common shares
exercisable at 45 cents per common share. The
warrants shall have a forced-exercise provision if the common shares
trade at 90 cents or higher for 10 consecutive trading days on the
Canadian National Stock Exchange (or if the common shares
are no longer listed on the CNSX, on such other stock exchange on which
the common shares are listed). Finders' fees may be paid in accordance
with CNSX policies.
Microcoal intends to use the proceeds of the private placement for
general working capital expenses, international marketing expenses
associated with activities in Asia, Europe and North America, and for
repayment of debts. In the United States, Monarch Bay Securities has been
retained as a placement agent.
We seek Safe Harbor.
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