VANCOUVER, British Columbia -- (Business Wire)
MicroCoal⢠Technologies Inc. (CNSX: MTI) (the âCompanyâ or
âMicroCoalâ¢â) is pleased to announce a non-brokered private placement of
up to 10,000,000 units ("Units") of MicroCoal⢠at a price of $0.30 per
unit, for gross proceeds of up to CAD$ 3,000,000 (the âPrivate
Placementâ)
Each Unit consisting of one (1) common share of MicroCoal⢠("Common
Share"), and an equal number of five (5) year non-listed,
non-transferable warrants (the "Warrants") to purchase Common Shares
exercisable at $0.45 per Common Share (the "Exercise Price"). The
Warrants shall have a "forced exercise" provision if the Common Shares
trade at $0.90 or higher for ten (10) consecutive trading days on the
Canadian National Stock Exchange (the "CNSX") (or if the Common Shares
are no longer listed on the CNSX, on such other stock exchange on which
the Common Shares are listed). Findersâ 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 U.S., Monarch Bay Securities has been
retained as a placement agent.
About MicroCoal⢠Technologies Inc
The Company is focused on commercializing its unique, clean-coal
upgrading technology known as MicroCoalâ¢; a low-cost, patented microwave
technology that reduces moisture in coal resulting in an upgraded energy
content of coal. This process provides significant financial benefits to
coal-fired electrical generating utilities such as: large cost savings
from switching to low-rank coal, substantial increases in boiler
efficiencies and heat output, improved ash efficiencies and reductions
in scrubber costs. Important environmental benefits including reductions
in most greenhouse gases (CO2, SOx, NOx and mercury) are also key
primary benefits from implementation of this technology. The Company is
currently constructing the first commercial facility in Indonesia with
other projects soon to be announced.
We seek safe harbor.
On behalf of the Board of Directors,
âSlawek Smulewiczâ
CEO and Director
For further information please contact:
Malcolm Bell
MicroCoal⢠Technologies Inc.
Telephone: (604) 676
9792
E-mail: info@microcoal.com
FORWARD-LOOKING STATEMENTS
Certain statements included herein, including those that express
management's expectations or estimates of our future performance
constitute "forward-looking statements" within the meaning of applicable
securities laws. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered reasonable by
management at this time, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. Investors are
cautioned not to put undue reliance on forward looking statements.
Except as required by law, the Corporation does not intend, and
undertakes no obligation, to update any forward-looking statements to
reflect, in particular, new information or future events. Neither CNSX
nor its Regulation Services Provider (as that term is defined in the
policies of the CNSX) accepts responsibility for the adequacy or
accuracy of the release.
Head Office: Harbour Centre, 2500 â 555 West Hastings Street, Vancouver,
BC V6B 4N5 Phone: (604) 676-9792 Fax: (604) 677-3171
Website: www.carbonfriendly.com
Contacts:
MicroCoal⢠Technologies Inc.
Malcolm Bell, (604) 676 9792
E-mail:
info@microcoal.com
Source: MicroCoal⢠Technologies Inc.
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