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Energy Plug Technologies Corp (OTC: PLGGF) Stock On Radar Following First Tranche of Non-Brokered Private Placement

Pete Matthews

This morning investors are expected to look into the stocks of those companies which may have hit the news cycle on Christmas Eve and one such company was Energy Plug Technologies Corp (OTC: PLGGF). The company announced the closure of a non-brokered private placement on that day.

New Capital

The company announced at the time that it successfully closed the first tranche of a non-brokered private placement, which enabled the company to raise gross proceeds to the tune of $1015184. The proceeds were raised through the issuance of 14502624 units for the price of $0.07 each.

In the news release, the company stated that each unit was made up of a common share of Energy Plug Technologies and a common share purchase warrant. The warrant, which had an exercise price of $0.10 each, could be exercised a year from the date of the closure of the aforementioned private placement.

Acceleration Clause

The company also announced that the warrants were also going to be subjected to an acceleration clause. As per the clause, if the stock trades for $0.15 a share or higher, then the company would be within its rights to accelerate the expiry date. However, the clause could only be enforced after four months from the date of closing.

Pete Matthews

Pete attended the University of Colorado and still calls the centennial state home. He chases trout in the summer and snowboards in the winter. He is fascinated with the markets and has a strong interest in nanocap stocks and crypto currency.