news digest ♦ compound semiconductor ♦ financial news
is currently forecasting that 2010 revenues will be over $1 billion, with strong year-over-year growth from 2009 in revenue and profitability in all three business segments.”
Opel Successfully Closes $7.55 Million Private Placement Financing
The firm says, “This capital raise ensures the Company’s ability to build out the necessary inventory to timely supply its forecasted solar project backlog.”
Opel International, a global supplier of high concentration photovoltaic (HCPV) solar panels and solar tracker systems, 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
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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.”
Opel’s operational headquarters are in Shelton, Connecticut and the office headquarters are inToronto, Ontario, Canada. The company designs, manufactures and markets HCPV panels to transform solar energy into electricity for worldwide application. Its high performance photovoltaic concentrating panels are claimed to 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 claims to be a leader in gallium arsenide and solar concentrating photovoltaic technology and has so far been awarded 32 patents and has 18 more patents pending.
Oclaro Files SEC Report Regarding Merger with Mintera
The firm has filed a report with the Securities and Exchange Commission regarding its merger with Mintera.
Oclaro filed the SEC report on 26 July 2010.
On July 20, 2010, Oclaro, a Delaware corporation entered into a Merger Agreement with Mintera Corporation and Nikko Acquisition Corp., an indirect wholly-owned subsidiary of Oclaro and Shareholder Representative Services LLC, as the Stockholders’ Agent.
Pursuant to the Merger Agreement, on July 21, 2010, Oclaro acquired 100% of Mintera’s outstanding capital stock. In connection with the
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