Company: MicroPlanet Technology Corp.
Stock Listing: MP:TSXV
Stock Listing (US): MCTYF: OTC
Web Site: www.microplanet.com
SEATTLE, WA, Oct. 12, 2012 /CNW/ - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company"), (MP:TSXV) (MCTYF:OTC) a provider of smart grid technology, which significantly increases efficiency, quality, and conservation, of electricity, today is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement of common shares of 10,687,167 common shares at a price of $0.05 per common share for aggregate gross proceeds of $534,358.36. The common shares were sold pursuant to applicable registration and prospectus exemptions to qualified investors in Canada. The common shares are subject to a four-month hold period in accordance with applicable securities laws.
MicroPlanet also issued 3,919,028 common shares to settle debts with various creditors in the aggregate amount of $195,951.38. The common shares were sold pursuant to applicable registration and prospectus exemptions to qualified investors in Canada and the United States. The common shares are subject to a four-month hold period in accordance with applicable securities laws.
Summarizing the past few months, in addition to the aforementioned closings MicroPlanet closed the first tranche of a non brokered private placement in the amount of $278,000.00, extended $2,013,000.00 of existing debt to December 31, 2013, and closed a further $1,100,000.00 in convertible debt. It is also expected that prior to year end the company will convert the short term loans provided and announced earlier this year to equity. These loans were not allowed for conversion in this tranche.
About MicroPlanet Technology Corp.
MicroPlanet 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. 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 THEREFROM.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: MicroPlanet Technology Corp.
For further information:
MicroPlanet Company Contacts:
President & Chief Executive Officer