Vancouver, British Columbia--(Newsfile Corp. - February 20, 2013) - OPEL Technologies (TSXV: OPL) (OTCQX: OPELF) has successfully completed a $7.2 million private placement, with IPK Capital acting as agent for the financing.
The financing, which was oversubscribed from the previously announced $5.5 million, consisted of 14.4 million units at a price of $0.50 per unit. Each unit consisted of 1 common share and 1 common share purchase warrant, with the warrant exercisable at $0.75 for a 2 year period.
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Pinetree Capital, a diversified investment and venture capital firm, subscribed to 1.5 million units. As a result of this transaction, Pinetree now owns approximately 5.5 million common shares, and another 5 million of convertible securities.
OPEL Technologies is the developer of next-generation Gallium Arsenide semiconductor device technology called POET, which stands for Planar Opto-Electronic Technology.
Dr. Geoffrey Taylor has been developing POET for over 20 years and conducts his research at the University of Connecticut. Since 2001, OPEL has received in total over $14 million in government grant funding for the development of POET.
POET allows for the integration of optics and electronics on a single chip. This technology immediately addresses the requirements of numerous military development and procurement programs for sensors, communications and computing.
POET has the potential to become a disruptive technology within numerous major commercial markets by overcoming the physical size and energy consumption limitations of silicon CMOS semiconductors in a highly economical manner. A functional POET device may reduce the power consumption of laptops, tablets, smartphones, servers, and/or other electronic devices by 80%.
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Barry Morgan, CFO