MicroPlanet Technology Corp. announced that it expects to receive CAD 0.31 million in funding.
On May 22, 2013, the company announced a non brokered private placement of 11,197,031 units at CAD 0.05 per unit for gross proceeds of CAD 559,851.55. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at an exercise price of CAD 0.10 per common share at any time until the date that is 36 months following the closing date of the offering. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange.
On the same day, the company announced that it has received its first tranche.