news digest ♦ Solar Solar
Opel closes a further $1.15 million in financing
The proceeds of this financing will be partly used for the development of the firm’s III-V compound semiconductor POET technology
Opel Technologies Inc. has completed a further financing which resulted in proceeds of $1,150,000 through IBK Capital Corp. as agent.
Five million units were price protected as of September 18th, 2012 in response to continued high demand for the Company’s financings announced September 10th, 2012 and September 14th, 2012.
The private placement offering consisted of 5,000,000 units at a price of $0.23. Each unit consists of one common share and one common share purchase warrant. One full warrant allows the holder to acquire one common share of Opel for a period of three years at an exercise price of $0.35 per share. There are currently 117,106,650 common shares issued and outstanding after the financing.
The company paid a cash commission equal to $72,500 and 500,000 broker warrants. Each broker warrant allows the holder to acquire one common share of Opel at a price of $0.23 for 48 months. All securities issued pursuant to the private placement are subject to a hold period which expires on January 28th, 2013.
Leon M. Pierhal, CEO, comments, “The company continues to aggressively work to reduce its expenses and debt in support of our strategic decision to divest the solar division to focus on our core business which is ODIS Inc. and the POET Technology. The proceeds of this financing will be used for these initiatives and the development of POET.”
First Solar To Brighten In China With New Appointment
As MD and VP, Bruce Yung will invigorate business development in China
First Solar has taken on Bruce Yung as Managing Director and Vice President of Business Development for China.
In his new role, Yung will be based in First Solar’s Beijing office and report to Jim Brown, Executive Vice President of Global Business Development.
Yung has 25 years of experience in the energy industry throughout Asia and Europe, spanning oil, gas, coal, power and renewable energy. Most recently, Yung was Managing Director of China Renewable Energy Investment Limited, a renewable energy company focused on China.
Prior to that, he held senior positions in business development, mergers and acquisitions, asset management and strategy with leading global energy companies such as British Petroleum, Entergy Power Group and British Gas.
“Bruce’s extensive and diverse global experience across the energy industry will be a valuable asset to First Solar and our customers as we continue to grow and invest in the Chinese market,” says Brown.
“His first-hand knowledge of the entire power life- cycle, from development to operation, will help us to expand the market for utility-scale solar PV power plants in China and to deliver value to Chinese solar power producers.”
“I am excited to lead First Solar’s effort to bring its leading thin-film technology and unparalleled experience in utility-scale solar to the Chinese market in order to help China reach its ambitious renewable energy goals,” adds Yung.
Yung earned BS and PhD degrees in chemical engineering from the University of Birmingham and an MBA from Henley Management College in the United Kingdom. He is currently Vice Chairman of the Energy Committee at the American Chamber of Commerce in Hong Kong and Co-Chair of the Renewable Energy Chapter of the Independent
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www.compoundsemiconductor.net October 2012
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