RED BANK, N.J., Sept. 3, 2013 /PRNewswire/ -- Natcore
Technology Inc. (TSX-V: NXT; NTCXF.PK) has completed the final
tranches of its proposed US$3.1
million private placement, as announced August 9, 2013 and increased August 19, 2013 (the "Placement"). The sale of a
further approximately US$795,000
through the sale of approximately 31.8 units in three tranches was
completed.
An aggregate of approximately 125.8 units were sold in the
Placement at a price of US$25,000 per
unit for aggregate gross proceeds of US$3,145,370. Each unit comprised 50,000 common
shares and 50,000 warrants. Each warrant entitles the holder to
purchase of a further common share at US$0.62 for a period of three years from closing.
An aggregate of 6,290,740 shares and 6,290,740 warrants were issued
with the sale of 125.81 units.
The securities issued in the final closing tranches are subject
to a hold period in Canada
expiring on dates ranging from December 24,
2013 to December 29, 2013.
Additional restrictions may apply pursuant to Rule 144 of the
Securities Act of 1933, as amended, to U.S. investors. Proceeds of
the placement will be applied to further development of Natcore's
technologies and to general working capital.
"This financing has been particularly gratifying to us for four
reasons," said Chuck Provini,
Natcore President and CEO. "First, most of this investment has come
from existing shareholders, an indication of their continued
confidence in Natcore. Second, many of our new investors come from
Rochester, NY, home of our R&D
center. We continue to expend considerable energy to become
part of the Rochester community,
which has warmly welcomed and supported us. Their investment in
Natcore is particularly meaningful to us.
"Third, we originally planned to raise $2.5 million in this private placement. The fact
that we were oversubscribed is very satisfying. And last, this is
not an easy time for a small-cap company to raise capital. We have
bucked that market trend.
"We deeply appreciate the market's faith in Natcore. We are
working hard to justify it."
Statements in this press release other than purely historical
factual information, including statements concerning Natcore's
intention to raise funds via private placement constitute
forward-looking statements. Forward-looking statements are based on
numerous assumptions and are subject to all of the risks and
uncertainties inherent in Natcore's business, including risks
inherent in the technology industry. There can be no assurance that
such forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on such statements. Except in accordance with
applicable securities laws, Natcore expressly disclaims any
obligation to update any forward-looking statements or
forward-looking statements that are incorporated by reference
herein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contact: Chuck Provini
732-576-8800
Info@NatcoreSolar.com
SOURCE Natcore Technology Inc.