TORONTO, ONTARIO and STORRS, CONNECTICUT--(Marketwire - Feb. 15, 2013) - OPEL Technologies Inc. (TSX VENTURE:OPL)(OTCQX:OPELF) ("OPEL" or "the Company") is pleased to announce that it has successfully completed a $7.2 million private placement which was oversubscribed from the previously announced $5.5 million. The financing consisted of 14,400,000 Units at a price of C$0.50 per unit. Each unit comprises one common share and one common share purchase warrant. One full warrant allows the holder to acquire one common share of OPEL at an exercise price of C$0.75 per share until February 14th, 2015. The private placement was conditionally accepted by the TSX Venture Exchange. The securities issued pursuant to the private placement will be subject to a hold period which expires on June 15, 2013.
The Company paid cash commissions of 7% of the funds raised and issued a number of broker warrants equal to 10% of the units raised. Each broker warrant allows the holder to acquire one common share of OPEL at a price of C$0.50 until February 14th, 2016.
At this time, the Board and Management would like to extend special thanks to IBK Capital for another successful financing. IBK has a long-standing history of supporting OPEL and its business. This funding will provide the Company with the capital required to complete a $1.3M equipment acquisition, fund ODIS's internal and third party development efforts, general administrative expenses and working capital. With the capital in place, OPEL is in a position to aggressively continue development work towards its previously announced milestones and its strategy of the monetization of the POET Technology.
The Board recognizes its member, Peter Copetti, Executive Director, who collaborated strongly with IBK to get this financial raise completed in a rapid time frame. Peter's efforts since joining the OPEL Board have been instrumental in OPEL's return to solid financial health.
Finally, Management wishes to thank all our investors for their continued support of the Company. As additional material news arises, OPEL will keep its shareholders informed.