Company: MicroPlanet Technology Corp.
Stock Listing: MP:TSXV
Stock Listing (US): MCTYF: OTC
Web Site: www.microplanet.com
SEATTLE, May 27, 2011 /CNW/ - MicroPlanet Technology Corp.
("MicroPlanet" or the "Company") (MP:TSXV & MCTYF:OTC) an energy
conservation smart grid company today is pleased to announce that it
has closed a private placement of 9,000,000 units (the "Units") at a
price of $0.10 per Unit (the "Offering"). Each Unit consists of one
common share of MicroPlanet (the "Common Shares") and one Common Share
purchase warrant (the "Warrants"). Each Warrant entitles the holder to
acquire one Common Share at any time prior to 4:00 p.m. (Seattle time)
on the date that is two years from the closing date of the Offering
upon payment of the exercise price of $0.15 per Common Share. In
connection with the Offering, the Company has agreed to pay a
success-based finder's fee consisting of 500,000 Warrants to The Howard
The Offering raised initial gross proceeds of $900,000, and up to a
further $1,350,000 assuming full exercise of the Warrants. MicroPlanet
intends to use these proceeds for the procurement of parts to support
manufacturing of MicroPlanet's products; for the marketing and
development of MicroPlanet's smart grid and energy conservation
products; and for general working capital purposes.
Shares for Debt
The Company also announces that is has received approval from the TSX
Venture Exchange ("TSXV") for a Shares for Debt transaction to satisfy
interest payments outstanding to certain holders of the secured
convertible notes of the Company (the "Notes"). The Notes bear
interest at the rate of twelve percent (12%) per annum payable
semi-annually in arrears. At the option of the holder of the Note,
interest payments may be made in the form of Common Shares at an issue
price equal to the market price of the Common Shares at the time of
In lieu of an aggregated cash interest payment in the amount of C$31,836
to the holders of the Notes, the Company will issue an aggregate of
303,202 Common Shares to the holders of the Notes. The payment of the
debt will be based on a price per Common Share of $0.105, such price
being the closing price of the Common Shares on April 29, 2011. The
Common Shares issuable will be subject to a four-month hold period in
accordance with applicable securities laws and TSXV requirements.
About MicroPlanet Technology Corp.
MicroPlanet Technology Corp. solutions improve power quality and save
energy by dynamically managing incoming voltage to a home or business
through the use of patented, advanced power electronics. MicroPlanet's
technology has been deployed in seven countries by more than 20
utilities, the U.S military and multiple commercial customers to 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 trading
under the stock symbol: MP. www.microplanet.com.
THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE
RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED. THE RISKS,
UNCERTAINTIES AND OTHER FACTORS, BOTH KNOWN AND UNKNOWN, THAT COULD
INFLUENCE ACTUAL RESULTS MAY BE SUBSTANTIAL AND INCLUDE THOSE DESCRIBED
IN DOCUMENTS FILED WITH REGULATORY AUTHORITIES, SUCH AS THE COMPANY'S
MOST RECENTLY FILED ANNUAL AND QUARTERLY REPORTS AND ANNUAL INFORMATION
FORM. ACCORDINGLY, NO ASSURANCES CAN BE GIVEN THAT ANY OF THE EVENTS
ANTICIPATED BY THE FORWARD-LOOKING STATEMENTS WILL TRANSPIRE OR OCCUR,
OR IF ANY OF THEM DO SO, WHAT BENEFITS THE COMPANY WILL DERIVE
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THE TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE MicroPlanet Technology Corp.
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