MicroCoal Technologies Inc. (CNSX:MTI) closed the first tranche of its previously announced non-brokered private placement for US$277,963, consisting of an aggregate of 1,389,815 units, priced at US$0.20 per Unit.

As quoted in the press release:

In conjunction with the closing of the first tranche, the Company will issue an aggregate of 1,389,815 units (each, a “Unit”) of the Company at a subscription price of US$0.20 per Unit. Each Unit is comprised of one common share of the Company and one common share purchase warrant (the “Warrants”). Each Warrant will entitle the holder thereof to acquire one common share at an exercise price of US$0.30 for up to 12 months following the date of issuance, subject to the terms thereof. In connection with the first tranche, the Company paid a cash commission equal to 10% of the gross proceeds raised from the sale of the Units to an arm’s length party in the aggregate amount of approximately US$27,796, granted finder’s warrants to purchase Units equal to 10% of the Units placed and issued 100,000 common shares of the Company at a deemed price of $0.18 per share.

Click here to read the MicroCoal Technologies (CNSX:MTI) press release
Click here to see the MicroCoal Technologies (CNSX:MTI) profile.