MicroPlanet Announces Convertible Note Financing



    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    Company: MicroPlanet Technology Corp.
    Stock Listing: MP:TSXV
    Stock Listing (US): MCTYF: OTC
    Web Site: www.microplanet.com
    

    SEATTLE, WA, June 2 /CNW/ - MicroPlanet, (MP:TSXV & MCTYF:OTC) a smart
grid, energy conservation company is pleased to announce that it is proceeding
with a financing for up to $4 million in secured convertible notes of the
Corporation (the "Notes"). The Notes have a two year term and bear interest at
the rate of twelve percent (12%) per annum payable semi-annually in arrears.
The holders will have the option to convert the principal amount into common
shares in the capital of the Corporation at a conversion price of $0.17 per
share, or receive full repayment in cash at the end of the term. At the option
of the Note holder, interest payments may be made in the form of common shares
at an issue price equal to the market price at the time of settlement. Closing
of the first tranche of the financing is expected to occur on or about June 9,
2009.
    The proceeds from this offering will be used to finance the fulfillment
of existing and expected commercial orders; further the development of large
capacity voltage regulators; and for general working capital purposes.
    In a continued and consistent indication of their confidence and support
for MicroPlanet, two of the directors of the Company, Brett Ironside and Myron
Tetreault, intend to participate in the syndicate with new investors.
    Loewen, Ondaatje, McCutcheon Limited will act as financial advisor to
MicroPlanet in respect of the financing. The Notes will be sold pursuant to
applicable registration and prospectus exemptions to qualified investors in
Canada. The Corporation has agreed to pay a cash commission of 7% and 7%
broker warrants on the placement.
    The offering is subject to certain conditions including, but not limited
to, the receipt of all necessary regulatory approvals, including the approval
of the TSX Venture Exchange.
    This press release does not constitute an offer to sell or a solicitation
of an offer to buy the securities in the United States. The securities offered
have not been registered under the U.S. Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration or an
application exemption from the registration requirements.

    About MicroPlanet Technology Corp.

    MicroPlanet Technology Corp. is a smart grid, energy conservation company
whose technology improves power quality and saves electric energy by the
dynamic management of incoming voltage to a home or business. In commercial
and residential building installations, MicroPlanet products have been proven
to significantly reduce electric bills, maintenance costs and greenhouse
gases. Installation of MicroPlanet products for utilities has improved utility
services and facilitates the integration of renewable energy sources,
including solar and wind, to the power grid. MicroPlanet is based in Seattle,
WA and is listed on the TSX Venture Exchange (TSX-V) trading under the stock
symbol: MP. MicroPlanet's website is www.microplanet.com.

    
    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.
    

    %SEDAR: 00020555E




For further information:

For further information: MicroPlanet Company Contacts: Bruce Lisanti,
President & CEO, Tel: (206) 625-0851, Fax: (206) 625-0999,
blisanti@microplanet.com; MicroPlanet Investor Relations: Gerry Wimmer,
INVESTORFILE.com, Tel: (416) 360-8895, Toll Free: 1-888-894-8222,
gwimmer@investorfile.com

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MicroPlanet Technology Corp.

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