/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 18 /CNW/ - MicroPlanet, (MP:TSXV & MCTYF:OTC) a smart
grid, energy conservation company is pleased to announce today that the
Company has closed on the first tranche of the Convertible Note financing in
the amount of $2,022,000. The financing was non-brokered.
The secured Convertible Notes of the Company (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 at any time, 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.
All of the Notes pursuant to the financing will be subject to a 4-month
hold period in accordance with applicable securities laws and stock exchange
Two directors of MicroPlanet, Brett Ironside and Myron Tetreault,
participated in this financing.
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.
A second tranche closing of the Convertible Note financing is expected to
occur on or about June 30, 2009.
Loewen, Ondaatje, McCutcheon Limited is no longer acting as financial
advisor with respect to this financing.
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.
For further information:
For further information: MicroPlanet Company Contacts: Bruce Lisanti,
President & CEO, Tel: (206) 625-0851, Fax: (206) 625-0999,
email@example.com; MicroPlanet Investor Relations: Gerry Wimmer,
INVESTORFILE.com, Tel: (416) 360-8895, Toll Free: 1-888-894-8222,