QSolar Reports Successful Warrant Conversions Prior To March 30 Expiry And Redemption And Extensionadmin
QSolar Reports Successful Warrant Conversions Prior To March 30 Expiry And Redemption And Extension Of Convertible Debentures
Calgary, Alberta CANADA, March 31, 2014 /FSC/ (QSL – CSE)- QSolar Limited (“QSolar” or the “Corporation”) is pleased to report that 471,000 share purchase warrants were exercised at a price of $0.40 prior to their expiration at 4:00 P.M. MST, March 30, 2014. There were a total of 521,000 share purchase warrants due to expire on March 30, 2014. At the close of business March 30, 2014, 50,000 total warrants expired unexercised. The warrant exercises represent a conversion of 90.4% of warrants to common shares and the receipt of total gross proceeds to the Corporation of $188,400.
In addition, 100,000 share purchase warrants were exercised March 30, 2014 at a price of $0.40 for total proceeds of $40,000 prior to their expiration at 4:00 P.M. MST, December 10, 2014.
During March 2014, 39,840 broker warrants were exercised at a price of $0.75 prior to their expiration at 4:00 P.M. MST, March 11, 2014 for total proceeds of $29,880 representing a 100% conversion and a total of 349,000 share purchase warrants also due to expire on March 11, 2014 at an exercise price of $1.00, expired unexercised.
In light of the current general economic and stock market conditions, management is extremely pleased with the support offered by its current shareholders.
As at March 31, 2014, a total of 72,103,402 common shares are issued and outstanding and a total of 10,596,307 share purchase warrants are issued and outstanding.
The Corporation is also pleased to announce that it is redeeming $568,000 of convertible debentures from a total of $913,000 of convertible debentures that matured effective March 31, 2014. The Corporation is extending the balance of $345,000 of convertible debentures that were due to mature for one additional year to March 31, 2015.
The convertible debentures are secured and continue to bear interest at 10% per annum with interest payable quarterly in arrears. The conversion price of the convertible debentures has been re-set at $0.80, being the market price pursuant to Canadian Stock Exchange policies. The Corporation may redeem all or any portion of the principal debentures during the year with notice provided that the holders may exercise their conversion rights prior to the intended date of redemption. The Corporation also anticipates that a processing fee may be payable to the original finders firm on the extended convertible debentures as negotiated.
The Corporation has no other secured debt.
About QSolar Limited
QSolar trades under the symbol QSL on the Canadian Securities Exchange (“CSE”).
QSolar Limited (www.qsolar.net) and its wholly-owned subsidiary, QSolar Ltd., and its wholly-owned subsidiary, QSolar (Shanghai) Photovoltaic Technology Co. Ltd., develop proprietary trade secret solar related processes and technologies, and manufacture and sell proprietary solar products. The Corporation currently manufactures solar photovoltaic (PV) panels in Shanghai, China using its proprietary trade secret Spraytek(r) and ESS process and its own QLite and QSS family designs. QSolar Spraytek(r) panels offer several advantages over competing products as they have significantly lower losses in hot climates due to their design, offer superior solar cell encapsulation for better protection, significant weight savings and durability features over existing competitors PV modules.
Additional information on the operations or financial results of QSolar Limited are included in reports on file with applicable securities regulatory authorities and may be accessed through the CSE website (www.cnsx.ca) and Sedar website (www.sedar.com) under the profile for QSolar.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gary Perkins, Investor Relations
Tekkfund Capital Corp.
Telephone: 416- 882-0020
Andreas Tapakoudes, Chief Executive Officer
Preston J. Maddin, Chief Financial Officer
The CSE has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute forward looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, ‘may”, “will”, “project”, “should”, ‘believe”, and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.
Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether QSolar is able to meet price, performance, quality and delivery requirements. Although QSolar believes that the expectations represented by any forward-looking statements and forward-looking information contained herein are reasonable based on the information available to them on the date of this document, management cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements or forward-looking information. QSolar undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
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Source: QSolar Limited (CSE: QSL) http://www.qsolar.net
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Posted: April 1st, 2014 under FSCWIRE.