RED BANK, N.J., Sept. 3, 2013 /CNW/ - Natcore Technology Inc. (TSX-V: NXT; NTCXF.PK) has completed the final tranches of its proposed US$3.1 million private placement, as announced August 9, 2013 and increased August 19, 2013 (the "Placement"). The sale of a further approximately US$795,000 through the sale of approximately 31.8 units in three tranches was completed.
An aggregate of approximately 125.8 units were sold in the Placement at a price of US$25,000 per unit for aggregate gross proceeds of US$3,145,370. Each unit comprised 50,000 common shares and 50,000 warrants. Each warrant entitles the holder to purchase of a further common share at US$0.62 for a period of three years from closing. An aggregate of 6,290,740 shares and 6,290,740 warrants were issued with the sale of 125.81 units.
The securities issued in the final closing tranches are subject to a hold period in Canada expiring on dates ranging from December 24, 2013 to December 29, 2013. Additional restrictions may apply pursuant to Rule 144 of the Securities Act of 1933, as amended, to U.S. investors. Proceeds of the placement will be applied to further development of Natcore's technologies and to general working capital.
"This financing has been particularly gratifying to us for four reasons," said Chuck Provini, Natcore President and CEO. "First, most of this investment has come from existing shareholders, an indication of their continued confidence in Natcore. Second, many of our new investors come from Rochester, NY, home of our R&D center. We continue to expend considerable energy to become part of the Rochester community, which has warmly welcomed and supported us. Their investment in Natcore is particularly meaningful to us.
"Third, we originally planned to raise $2.5 million in this private placement. The fact that we were oversubscribed is very satisfying. And last, this is not an easy time for a small-cap company to raise capital. We have bucked that market trend.
"We deeply appreciate the market's faith in Natcore. We are working hard to justify it."
Statements in this press release other than purely historical factual information, including statements concerning Natcore's intention to raise funds via private placement constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in Natcore's business, including risks inherent in the technology industry. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, Natcore expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact: Chuck Provini
SOURCE: Natcore Technology Inc.