MicroPlanet Closes US $7 Million Financing

MicroPlanet, a clean technology and energy conservation company, announced the final closing on a round of private placement equity financing. The company sucessfully raised approximately CAN $7.1 million [US $7 million] in total gross proceeds.

For the closing of the second part of the private placement equity financing, MicroPlanet issued 245,000 units at a price of CAN $0.65 [US $0.64] per unit for gross proceeds of CAN $159,250 [US $157,834]. Each unit consisted of one common share of MicroPlanet and one-half of one common share purchase warrant.

The financing was led by Loewen, Ondaatje, McCutcheon Limited. It also included PI Financial Corp. and D&D Securities Co. 

“The final closing of our financing coincides with the beginning of commercial shipments against our current CAN $6.6 million [US $6.5 million] in backlog of orders,” said Bruce Lisanti, CEO of MicroPlanet. “MicroPlanet customers are benefiting from savings of 5-12% in electricity bills, reduced greenhouse gas emissions and improved power quality, which our proprietary technology delivers by optimizing the voltage.”

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