Electronics & Computers

OPEL Closes $1.15 Million Financing

October 2, 2012

The proceeds will enable the company to divest its solar division and focus on its core business, the POET technology.

SHELTON, CONNECTICUT and TORONTO, ONTARIO /Marketwire/ -- OPEL Technologies Inc. is pleased to announce that it has completed 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 18, 2012, in response to continued high demand for the company's financings announced September 10, 2012, and September 14, 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 that expires on January 28, 2013.

Leon M. Pierhal, CEO, stated, "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."

About OPEL
With head office in Toronto, Ontario, Canada, and operations in Shelton, CT, OPEL Technologies Inc., through ODIS Inc., a U.S. company, designs III-V semiconductor devices for military, industrial, and commercial applications, including infrared sensor arrays and ultra-low-power random access memory; and through OPEL Solar Inc., provides PV systems for energy applications. The company has 37 patents issued and 13 patents pending, primarily for its semiconductor POET process, which enables the monolithic fabrication of integrated circuits containing both electronic and optical elements, with potential high-speed and power-efficient applications in devices such as servers, tablet computers, and smartphones.

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