SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - Sept. 10, 2012) - OPEL Technologies Inc. (TSX VENTURE:OPL)(OTCQX:OPELF) ("OPEL" or "the Company") is pleased to announce that it has successfully completed the final tranche of its previously announced $3,000,000 financing through IBK Capital Corp. ("IBK") as agent. The private placement offering consisted of 13,043,479 Units at a price of $0.23 per Unit. 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. The securities issued pursuant to the private placement will be subject to a hold period which expires four months and one day following closing.
The final tranche amounted to the entire remaining $1,442,580 available under the offering. A cash commission equal to 7% of the funds raised and 10% of the units sold in the form of broker warrants were paid to the agent. Each broker warrant allows the holder to acquire one common share of OPEL at a price of $0.23 for 48 months.
About OPEL Technologies Inc.
With head office in Toronto, Ontario, Canada, and operations in Shelton, CT, the Company, 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, 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. OPEL's common shares trade on the TSX Venture Exchange under the symbol "OPL". For more information please visit our websites at www.opeltechinc.com; for OPEL Solar at www.opelsolar.com; and for ODIS at www.odisinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
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.
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