Red Bank, NJ - (July 20, 2012) -Natcore
Technology Inc. (TSX-V: NXT; NTCXF.PK) has today
completed a C$2.5 million private placement. The funds
will be used to complete optimization of the company's
promising black silicon technology and to build a
production version of Natcore's AR-Box™ processing
station. This version would be capable of etching and
coating cells with black silicon at a rate of 1,500 to
2,000 cells per hour.
The financing was announced on July 3. Natcore received
gross proceeds of C$2,500,000, pursuant to the issuance
of 4,166,167 units at a price of C$0.60 per unit. The
overallotment has received regulatory approval, including
the sanction of the TSX Venture Exchange.
Each unit comprised one common share and one warrant,
with each warrant enabling purchase of a further common
share at C$0.90 for a period of two years from closing.
In the event that Natcore shares close at over C$1.60 for
20 consecutive trading days, the warrants will be subject
to accelerated conversion within 30 days' notice of the
company disseminating a press release providing notice of
that circumstance. All securities issued
pursuant to the placement are subject to a hold period
expiring on November 21, 2012.
Finder's fees were paid on a portion of the
financing, such that an aggregate of $104,710 was paid in
cash and 22,516 finder's warrants were issued, having the
same terms as the warrants forming part of the units and
152,000 finder's unit warrants were issued exercisable to
acquire units on the same terms as the units issued in
the financing at an exercise price of $0.60 per unit for
a period of two years.
"Although this placement had been planned for several
months, the $2.5 million came in very quickly," says
Natcore President and CEO Chuck Provini. "We easily could
have raised twice as much, but we raised only what we
needed for the tasks at hand. We wanted to avoid
dilution."
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Statements in this press release other than
purely historical factual information, including
statements relating to revenues or profits, or Natcore's
future plans and objectives, or expected sales, cash
flows, and capital expenditures 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
history. 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.
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