VANCOUVER, BRITISH COLUMBIA–(Monday, June 29, 2009, 8:01 pm EDT) – Natcore Technology Inc. (TSX-V: NXT) has arranged a non-brokered private placement of up to 3,125,000 Units at a price of $0.40 per Unit for aggregate gross proceeds of $1,250,000. Each Unit is comprised of one common share and one warrant (“Warrants”) for the purchase of a further common share at $0.75 for a period of two years from closing. The Warrants will be subject to forcible conversion within 30 days of delivery of notice from Natcore, in the event the shares of Natcore close at over $1.50 for 20 consecutive trading days.
Proceeds of the placement will be applied to Natcore’s forthcoming research and development activities concerning quantum dot tandem solar cells. Finder’s fees may be payable on all or portion of the financing.
Natcore’s chairman, Brien Lundin, notes that, “With this additional funding in place, we can fully and aggressively implement our R&D plans for all the currently known applications of our proprietary Liquid Phase Deposition process. Just as important, we can focus on the discovery and advancement of exciting new applications.”
According to Company President and CEO Charles Provini, “The successful completion of this private placement will allow Natcore to fund the development of production equipment for growing the thin oxide films necessary in silicon solar cells and semiconductors. I’m particularly excited because this financial infusion will also allow us to fast-forward research into the production of super-efficient tandem solar cells using our LPD process.”
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