News

10 June 2010

 

OPEL opens $7m fundraising round

Due to a rapid increase in its pipeline for solar business, OPEL International Inc of Shelton, CT, USA and Toronto, Ontario, Canada, which makes high-concentration photovoltaic (HCPV) panels (as well as both roof- and ground-based dual- and single-axis solar trackers for mounting them), plans to raise up to $7m in a brokered ‘best efforts’ private placement of units of the company at a price of $0.30 per unit.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at $0.50 for a period of two years following the closing of the offering.

The purpose of the new funding is to allow OPEL to build inventory and other infrastructure requirements to meet the potential product demand.

OPEL has engaged IBK Capital Corp in Toronto, Ontario as the lead investment bank for the offering. IBK Capital president William F. White has a long-standing relationship with OPEL, having raised about $19m for OPEL in its early funding from December 2005 to December 2007. OPEL’s board of directors says that it selected IBK to lead the new round of funding because of its history spanning more than 21 years in the mining, renewable energy, and technology market sectors. IBK will start scheduling meetings with the investment community immediately.

The offering is subject to all necessary regulatory requirements including the approval of the TSX Venture Exchange. All securities issued will be subject to the applicable statutory, exchange and regulatory hold period of four months. The offering is expected to be completed by the end of June.

See related items:

OPEL raises revenue forecast as firm reaches ‘turning point’

OPEL reports rise in quoting activity for industrial-scale CPV systems

Search: OPEL Solar CPV

Visit: www.opelinc.com