RED BANK,
N.J., Sept. 3, 2013 /CNW/ - Natcore Technology
Inc. (TSX-V: NXT; NTCXF.PK) has completed the final tranches of its
proposed US$3.1
million private placement, as announced August 9, 2013 and
increased August 19,
2013 (the "Placement"). The sale of a further
approximately US$795,000 through the sale of
approximately 31.8 units in three tranches was completed.
An aggregate of approximately 125.8 units were sold in the
Placement at a price of US$25,000 per unit for aggregate gross
proceeds of US$3,145,370. Each unit comprised 50,000
common shares and 50,000 warrants. Each warrant entitles the holder
to purchase of a further common share at US$0.62 for a
period of three years from closing. An aggregate of 6,290,740
shares and 6,290,740 warrants were issued with the sale of 125.81
units.
The securities issued in the final closing tranches are subject
to a hold period in Canada expiring on dates ranging from
December 24,
2013 to December 29, 2013. Additional restrictions
may apply pursuant to Rule 144 of the Securities Act of 1933, as
amended, to U.S. investors. Proceeds of the placement will be
applied to further development of Natcore's technologies and to
general working capital.
"This financing has been particularly gratifying to us for four
reasons," said Chuck Provini, Natcore President and CEO.
"First, most of this investment has come from existing
shareholders, an indication of their continued confidence in
Natcore. Second, many of our new investors come from Rochester,
NY, home of our R&D center. We continue to expend
considerable energy to become part of the Rochester
community, which has warmly welcomed and supported us. Their
investment in Natcore is particularly meaningful to us.
"Third, we originally planned to raise $2.5 million in
this private placement. The fact that we were oversubscribed is
very satisfying. And last, this is not an easy time for a small-cap
company to raise capital. We have bucked that market trend.
"We deeply appreciate the market's faith in Natcore. We are
working hard to justify it."
Statements in this press release other than purely historical
factual information, including statements concerning Natcore's
intention to raise funds via private placement 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 industry. 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.
Contact: Chuck Provini
732-576-8800
Info@NatcoreSolar.com
SOURCE Natcore Technology Inc.