SEATTLE, WASHINGTON -- (Marketwired) -- 11/06/13 -- MicroPlanet Technology Corp. ("MicroPlanet" or the "Corporation") (TSX VENTURE:MP)(PINKSHEETS:MCTYF) a provider of smart grid and power quality technology and products, which significant increases efficiency, quality and conservation of electricity and enables the integration of alternative energy into the power grids is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement. The Corporation issued 4,995,673 Units at a price of $0.05 per Unit for gross proceeds of CDN$249,783.71. Each Unit was comprised of one common share in the capital of the Corporation and one common share purchase warrant. Each warrant entitles the holder to acquire one common share in the capital of the Corporation at any time until the date that is 36 months following the closing date upon payment of the exercise price of $0.05 per common share.
The Units were sold pursuant to applicable registration and prospectus exemptions to qualified investors in Canada and the United States. The common shares comprising the Units and any common shares acquired pursuant to the exercise of the warrants are subject to a four-month hold period in accordance with applicable securities laws.
About MicroPlanet Technology Corp.
MicroPlanet Technology Corp. is a smart grid, energy conservation company, whose technology regulates voltage steplessly with unrivaled speed and accuracy. MicroPlanet solutions improve power quality and save energy by dynamically managing voltage through the use of patented, advanced power electronics. MicroPlanet's technology solutions has been deployed in seven countries by more than 20 utilities, the U.S military and multiple commercial customers to manage voltage on networks, save energy, improve power quality and grid efficiency and to facilitate the integration of renewable energy sources, including solar and wind. MicroPlanet is based in Seattle, WA and is listed on the TSXV and trades on the OTC under the stock symbol: MP and MCTYF, respectively. www.microplanet.com
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
MicroPlanet Technology Corp.
President & Chief Executive Officer
MicroPlanet Technology Corp.
Chief Financial Officer
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