OPEL Technologies Inc. (TSX-V: OPL and OTCQX: OPELF) (“OPEL” or “the Company”) previously announced a financing with IBK Capital Corp. (“IBK”) whereby IBK will act as agent, on a best efforts basis, to conduct a private placement offering of up 13,043,478 Units at a price of $0.23 per unit for gross proceeds of up to $3,000,000. Each unit consists of one common share and one
common share purchase warrant. One full warrant allows the holder to acquire one common share of OPEL for a period of three years at an exercise price of $0.35 per share. The private placement was conditionally accepted by the TSX Venture Exchange. The securities issued pursuant to the private placement will be subject to a hold period which expires four months and one day following closing.
A third tranche of this financing has been completed in the amount of $357,420. Together with the first and second tranches completed in June 2012, a total of $1,557,420 has been raised to date with the remaining $1,442,580 to be closed on or before August 27, 2012. The Company is paying a cash commission equal to 7% of the funds raised and 10% of the units sold in the form of broker warrants. Each broker warrant allows the holder to acquire one common share of OPEL at a price of $0.23 for 48 months.
The Annual General Meeting of the Company will be held at 9:00 am on August 21, 2012 at the Nathan Hale Inn and Conference Center, 855 Bolton Road, Storrs, CT, USA 06268. Attendees of the AGM will meet with Dr. Geoff Taylor and also be able to tour of the ODIS facility showcasing the intricacy of the breakthrough POET technology. If you plan to attend the AGM and wish to stay overnight at in this hotel, please call directly to make a reservation (tel: 860.427.7888). There are a limited number of rooms being held for OPEL shareholders. Identify yourself as part of the OPEL Group for the reduced rate, which is being offered on a first come first serve basis.