Natcore Technology Inc. has closed on a private placement of more than $3.1 million, thanks in large part to investments from the Rochester community, President and CEO Charles Provini announced Tuesday.
Natcore, whose research and development is in the Eastman Business Park, reaped the proceeds from the sale of 125.8 units at $25,000 each, the company announced. Officials declined to identify the Rochester investors.
Each unit was comprised of 50,000 common shares of stock and 50,000 warrants. An aggregate of 6.29 million shares and 6.29 million warrants were issued.
Proceeds will be used to develop Natcore technologies and for working capital, company officials said.
“This financing has been particularly gratifying to us for four reasons,” Provini said in a statement. “First, most of this investment has come from existing shareholders, an indication of their continued confidence in Natcore.
“Second, many of our new investors come from Rochester, home of our R&D center. We continue to expend considerable energy to become part of the Rochester community, which has warmly welcomed and supported us.”
In addition to consolidating its R&D at the business park, Natcore is moving its headquarters to Rochester from Red Bank, N.J.
“Third, we originally planned to raise $2.5 million in this private placement,” Provini said. “The fact that we were oversubscribed is very satisfying. And last, this is not an easy time for a small-cap company to raise capital. We have bucked that market trend.”
Each warrant entitles its holder to buy shares at 62 cents each for three years from closing, the company said.
Natcore is the exclusive licensee of thin-film technology that creates silicon oxides on silicon wafers through a patented liquid phase deposition process. It also owns patents for its low-cost, light-absorbing black silicon solar cells.
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