OPEL International Inc., a supplier of high-concentration photovoltaic (HCPV) solar panels and solar tracker systems, has closed a brokered private placement. IBK Capital Corp. acted as the lead agent 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 company says 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 is expected to result in both the facilitation of the company's forecasted revenue and the creation of jobs in the North American manufacturing sector.
SOURCE: OPEL International Inc.