MicroCoal® Technologies Inc. CSE:MTI,FWB:OFS.F,OTC:CFQSF) has closed the fifth tranche of its previously announced non-brokered private placement in the amount of US$335,000. MicroCoal plans to use the net proceeds from the private placement to advance construction on its first commercial facility in Indonesia for upgrading low rank coals as well as for general corporate purposes and for working capital.
As quoted in the press release:
In conjunction with the closing of the fifth tranche, the Company will issue an aggregate of 1,675,000 units (each, a “Unit”) of the Company at a subscription price of US$0.20 per Unit. Each Unit is comprised of one common share of the Company and one common share purchase warrant (the “Warrants”). Each Warrant will entitle the holder thereof to acquire one common share at an exercise price of US$0.30 for up to 12 months following the date of issuance, subject to the terms thereof. In connection with the fifth tranche, the Company paid a cash commission equal to 10% on a portion of the gross proceeds raised from the sale of the Units to an arm’s length party in the aggregate amount of approximately US$3,500 and granted 17,500 finder’s warrants to purchase Units.