2013-10-21 15:44:47 -
Vancouver, British Columbia CANADA, October 21, 2013 /FSC/ - MicroCoal Technologies Inc. (CNSX: MTI) ( Frankfurt: OFS.F) (OTC: CFQSF),is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement, in the amount of $1,028,550 (see News Release dated September 5, 2013).
In conjunction with the closing of the first tranche, the Company will issue an aggregate of 3,428,499 units (each a "Unit') of the Company, at a subscription price of $0.30 per Unit, for gross proceeds of $1,028,549.70. 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, repayment of certain debts and expenses associated with sales and marketing efforts in Asia, Europe and North America.
The Company will be continuing with the second tranche of the up to $3,000,000 Private Placement on the same terms and conditions announced in its September 5, 2013 news release, subject to regulatory approval and the policies of the Canadian National Stock Exchange (the "CNSX").
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 such as reductions in greenhouse gases (SOx up to 70%, NOx up to 50%, CO2 up to 17%) and mercury can also be derived from implementation of this technology. The Company is currently constructing the first commercial facility in Indonesia with other projects soon to be announced. The potential transaction value of MicroCoal(tm) installed projects being negotiated or under discussion currently exceeds $100 million.
We seek safe harbor.
On behalf of the Board of Directors,
CEO and Director
For further information please contact:
J. Malcolm Bell
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.
Head Office: Harbour Centre,
2500 - 555
West Hastings Street,
Vancouver, BC V6B 4N5
Phone: (604) 676-9792
Fax: (604) 677-3171
To view this press release as a PDF file, click onto the following link:
Source: MicroCoal Technologies Inc. (CNSX: MTI) www.microcoal.com
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