2013-09-05 17:51:54 -
Vancouver, British Columbia CANADA, September 05, 2013 /FSC/ - MicroCoal Technologies Inc. (MTI - CNSX, CFQSF - OTC_Pink),(the "Company" or "MicroCoal(tm)") is pleased to announce a non-brokered private placement of up to 10,000,000 units ("Units") of MicroCoal(tm) at a price of $0.30 per unit, for gross proceeds of up to CAD$ 3,000,000 (the "Private Placement")
Each Unit consisting of one (1) common share of MicroCoal(tm) ("Common Share"), and an equal number of five (5) year non-listed, non-transferable warrants (the "Warrants") to purchase Common Shares exercisable at $0.45 per Common Share (the "Exercise Price"). The Warrants shall have a "forced exercise" provision if the Common Shares trade at $0.90 or higher for ten (10) consecutive trading days on the Canadian National
Stock Exchange (the "CNSX") (or if the Common Shares are no longer listed on the CNSX, on such other stock exchange on which the Common Shares are listed). Finders' fees may be paid in accordance with CNSX policies.
MicroCoal(tm) intends to use the proceeds of the Private Placement for general working capital expenses, international marketing expenses associated with activities in Asia, Europe and North America and for repayment of debts. In the U.S., Monarch Bay Securities has been retained as a placement agent.
About MicroCoal(tm) Technologies Inc
The Company is focused on commercializing its unique, clean-coal upgrading technology known as MicroCoal(tm); a low-cost, patented microwave technology that reduces moisture in coal resulting in an upgraded energy content of coal. This process provides significant financial benefits to coal-fired electrical generating utilities such as: large cost savings from switching to low-rank coal, substantial increases in boiler efficiencies and heat output, improved ash efficiencies and reductions in scrubber costs. Important environmental benefits including reductions in most greenhouse gases (CO2, SOx, NOx and mercury) are also key primary benefits from implementation of this technology. The Company is currently constructing the first commercial facility in Indonesia with other projects soon to be announced.
We seek safe harbor.
On behalf of the Board of Directors,
CEO and Director
For further information please contact:
MicroCoal(tm) Technologies Inc.
Telephone: (604) 676 9792
Certain statements included herein, including those that express management's expectations or estimates of our future performance constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward looking statements. Except as required by law, the Corporation does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events. Neither CNSX nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of the release.
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Source: MicroCoal Technologies Inc. (CNSX: MTI) www.microcoal.com
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