MicroCoal Technologies Inc. (CNSX:MTI) announced a non-brokered private placement for aggregate gross proceeds of up to US$10,000,000, consisting of up to 50,000,000 units of the Company at US$0.20 per Unit.
As quoted in the press release:
Each Unit will be 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. Closing of the Private Placement may occur in one or more tranches and is subject to the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange (the “CSE”).