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MicroCoal® Technologies Inc. (CSE:MTI) announced that it has closed its investment agreement with Satellite Overseas (Holdings) Ltd. (SOHL).
MicroCoal® Technologies Inc. (CSE:MTI) announced that it has closed its investment agreement with Satellite Overseas (Holdings) Ltd. (SOHL).
As quoted in the press release:
Pursuant to the Investment Agreement, MicroCoal has issued 79,046,666 common shares to SOHL at a price of $0.15 per share for aggregate gross proceeds of $11.857 million. SOHL will hold approximately 44% of MicroCoal’s issued and outstanding shares, after giving effect to the share issuances announced in MicroCoal’s news release dated October 22, 2014.
Lawrence Siegel, MicroCoal’s CEO, stated:
We are very pleased to have closed this investment in our company by Cadila, and we appreciate their significant support. We look forward to working with our partners as we execute on our strategy for 2015.
Click here for the full MicroCoal® Technologies Inc. (CSE: MTI) press release