TORONTO, ONTARIO and SHELTON, CONNECTICUT--(Marketwire - June 25, 2012) -OPEL Technologies Inc. (TSX VENTURE:OPL)(OTCQX:OPELF) ("OPEL" or "the Company") previously announced a financing with IBK Capital Corp. ("IBK") whereby IBK will act as agent, on a best efforts basis, to conduct a private placement offering of up 13,043,478 Units at a price of $0.23 per unit for gross proceeds of up to $3,000,000. 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 private placement has been conditionally accepted by the TSX Venture Exchange. The securities issued pursuant to the private placement will be subject to a hold period which expires four months and one day following closing.
A second tranche of this financing has been completed in the amount of $692,310. Together with the first tranche of $507,690 completed on June 8, 2012, a total of $1,200,000 has been raised to date with the remaining $1,800,000 to be closed on or before July 30, 2012. The Company is paying a cash commission equal to 7% of the funds raised and 10% of the units sold in the form of broker warrants. 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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