MicroCoal® Technologies Inc. (CSE:MTI,FWB:OFS.F,OTC: CFQSF) has closed the fourth tranche of its previously announced non-brokered private placement amounting US$167,000. MicroCoal plans to use 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 working capital. Additionally, MicroCoal intends to continue with a fifth private placement following the same terms and conditions contained in its March 3 2014 press release.
As quoted in the press release:
In conjunction with the closing of the fourth tranche, the Company will issue an aggregate of 835,000 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.