RED BANK, N.J., May 11, 2011 /PRNewswire/ -- Warrant holders of Natcore Technology Inc. (TSX-V: NXT; NTCXF.PK) have exercised approximately 80% of the 4.4 million warrants issued in conjunction with a private placement when the company went public on May 9, 2009. Natcore realized nearly C$2.7 million from the exercised warrants.
Each unit of the May 2009 private placement consisted of a share of Natcore Technology priced at C$0.40 and one warrant with an exercise price of C$0.75. The warrant expiration date was Monday, May 9, 2011 at 4:00 pm Pacific time.
"We truly appreciate this positive response," says Natcore President and CEO Chuck Provini. "It's a sign of real investor confidence in Natcore. It shows that they strongly believe in our technology and in our prospects for the future."
Within the past three months, Natcore has begun production of its intelligent antireflective (AR) coating machine; signed an agreement to sell that machine to TLNZ Solar Technology in China; received a patent on nanostructured solar cells, which will be the basis for a thin-film solar cell ; successfully used its liquid phase deposition (LPD) process to coat textured solar cells; passivated 'black' silicon; and established the Natcore Research & Development Center at Eastman Business Park in Rochester, NY. The company continues to make progress on its tandem solar cell.
An additional 2.8 million Natcore warrants, also priced at C$0.75, will expire at the end of the summer.
Statements herein 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.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company in the United States. The securities of Natcore have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to or for the account or benefit of a U.S. person unless so registered or pursuant to an available exemption from the registration requirements of such Act or laws.
Contact: Chuck Provini
732-576-8800
SOURCE Natcore Technology Inc.
Share this article