Natcore raises USD 2.5m in private placement

Jul 23, 2012 - US solar cell maker Natcore Technology (CVE:NXT) said Friday it had raised CAD 2.5 million (USD 2.46m/EUR 2.03m) in a private placement of some 4.2 million units at a price of CAD 0.6 apiece.

Proceeds from the placement will be used to fund further development of the company's black silicone technology and the construction of a production version of Natcore's AR-Box processing station. The system that is currently being developed will be capable of etching and coating 1,500 to 2,000 cells per hour with black silicon.

The private placement was first announced on July 3, 2012. The company said the over-allotment option had received the green light from the regulators, including the TSX Venture Exchange.

Each of the units offered to investors consisted of one common share and one warrant, which entitles its holder to purchase another common share at a price of CAD 0.9 for a period of two years after the closing of the issue. If the closing price on Natcore's shares was to exceed CAD 1.60 for 20 consecutive trading days, investors will have to convert the warrants within 30 days.

(CAD 1 = USD 0.988/EUR 0.812)

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