MicroCoal® Closes Second Tranche of Previously Announced Private Placement

MicroCoal® Technologies Inc. (CNSX:MTI) announced the closing of the second tranche of its previously announced non-brokered private placement for US$300,000.

As quoted in the press release:

In conjunction with the closing of the second tranche, the Company will issue an aggregate of 1,500,000 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 first tranche, the Company paid a cash commission equal to 10% of the gross proceeds raised from the sale of the Units to an arm’s length party in the aggregate amount of approximately US$30,000 and granted finder’s warrants to purchase Units equal to 10% of the Units placed.

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