MicroPlanet Technology Corp. (TSXV:MP) announced a non-brokered private placement of up to 55,500,000 units at a price of CAD 0.02 per unit for gross proceeds of up to CAD 1,110,000 on March 4, 2014. Each unit will be consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at CAD 0.02 per share for a period of 36 months. 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 March 20, 2014, the company closed the first tranche of the transaction. The company issued 5,558,200 units for proceeds of CAD 111,164. The securities issued as part of the transaction are subject to a hold period of four months from the date of issue.

On April 15, 2014, the company has issued 12,730,768 units for gross proceeds of CAD 254,615.36 in the second tranche. The company has issued 18,288,968 units for gross proceeds of CAD 365,779 in the transaction till date.