OPEL International Inc. (TSX-V: OPL) (the "Company" or "OPEL"), a leading global supplier of high concentration photovoltaic ("HCPV") solar panels and solar tracker systems, today announced that it has closed its previously announced brokered private placement.
Toronto, ON, July 22, 2010 - OPEL International Inc. (TSX-V: OPL) (the "Company" or "OPEL"), a leading global supplier of high concentration photovoltaic ("HCPV") solar panels and solar tracker systems, today announced that it has closed its previously announced brokered private placement. IBK Capital Corp. acted as the lead agent in respect of the issuance and sale of 25,164,665 units at a price of $0.30 per unit for gross proceeds of $7,549,400 (the "Offering"). Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.50 per share until July 21, 2012. The securities issued pursuant to this Offering may not be traded before November 22nd, 2010.
The agents received commissions in the aggregate of $668,556 and 2,476,134 compensation warrants in connection with this Offering. Each compensation warrant entitles the holder to purchase one common share of the Company at $0.30 per share until July 21, 2014.
"We are very pleased with the performance of IBK Capital Corp. and its sales team, who in these tough economic times were successful in exceeding the $7 million target," said Leon M. Pierhal, CEO of the Company. "This capital raise ensures the Company's ability to build out the necessary inventory to timely supply its forecasted solar project backlog."
The net proceeds of the Offering will be used to secure key components for solar products, for research and development and for general working capital purposes. Much of the manufacturing of the products required for upcoming solar projects will be done in the U.S. and Canada. This should result not only in the facilitation of the Company's forecasted revenue, but also in the creation of jobs in the North American manufacturing sector.
"The OPEL team is enthusiastic to get underway to fulfill the requirements of the projects which our relationships with some of the largest EPC (Engineering, Procurement and Construction) partners have yielded," added Pierhal. "The investors in OPEL have clearly affirmed their belief in our ability to deliver solar energy at the utility scale level and to make a difference in the world's choice for solar energy using OPEL's advanced panel and tracker system technology."
About OPEL International and OPEL Solar, Inc.
With OPEL's operational headquarters in Shelton, Connecticut and the headquarters office in Toronto, Ontario, Canada, OPEL designs, manufactures and markets high performance concentrating photovoltaic ("HCPV") panels to transform solar energy into electricity for worldwide application. OPEL's high performance photovoltaic concentrating panels generate up to 40% more kilowatt-hours than conventional flat plate silicon solar panels, resulting in more cost effective electricity generated from the sun. OPEL also markets a complete line of dual and single axis solar trackers to mount solar panels for the optimum power output. OPEL also designs infrared sensor type products for military, consumer, industrial and commercial applications.
A leader in gallium arsenide and solar concentrating photovoltaic technology, the Company has been awarded 32 patents and has 18 more patents pending. OPEL's common shares trade on the TSX Venture Exchange under the symbol "OPL". For more information about OPEL, please visit the Company's website at www.opelinc.com.
Dated: July 22, 2010
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Corporate Secretary
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The TSXV has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Investors are cautioned that except for statements of historical facts, certain statements contained in this news release include forward-looking information with respect to the Company including the Company's anticipation that this financing should result not only in the facilitation of the Company's forecasted revenue, but also in the creation of jobs in the North American manufacturing sector. They also include the Company's belief that it will be able to deliver solar power at the utility scale level.
Such forward-looking statements or information are based on current expectations, estimates and projections formulated using assumptions currently believed to be reasonable and involving a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. The Company does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.