|By Marketwired .||
|December 3, 2013 12:50 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/03/13 -- GreenAngel Energy Corp ("GreenAngel") (TSX VENTURE: GAE) is pleased to announce that on November 29, 2013 it closed its previously announced non-brokered private placement by the issuance of 449,000 units at $0.07 per unit for gross proceeds of $31,430. Each unit is comprised of one common share in the capital of GreenAngel and one non-transferable common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of $0.10 for a period of two years.
Mike Volker, a director and officer of the Company acquired 75,000 units, James Pratt, a director of the Company acquired 86,000 units, Eammon Percy, a director of the Company acquired 72,000 units and John Wiebe, a director of the Company acquired 144,000 units. Prior to completion of the private placement, neither Mr. Percy nor Mr. Wiebe owned any common shares of Greenangel. Mr. Pratt previously held 150,000 common shares and upon completion of the private placement owns 236,000 common shares, representing 1.37% of Greenangel's issued and outstanding common shares. Mr. Volker previously held 2,024,250 common shares and upon completion of the private placement owns 2,099,250 common shares representing 12.2% of Greenangel's issued and outstanding common shares. The price of the units was determined in accordance with the policies of the TSX Venture Exchange. The acquisition of units by insiders under the private placement was exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 pursuant to sections 5.5(a) and 5.7(a) of that instrument. All securities issued under the private placement are subject to a four-month hold period.
Proceeds from the private placement will be used for general working capital and to consider additional investments in emerging clean energy technologies. No finders received any fees in connection with the private placement.
The private placement is subject to receipt of necessary stock exchange approval.
ON BEHALF OF THE BOARD
Michael Volker, Chairman
About GreenAngel Energy
GreenAngel Energy Corp. is the first publicly traded company that invests solely in emerging private green technology companies. We provide an avenue for public investors to gain access to a portfolio of the most promising angel-stage investments across a spectrum of green technology sectors. Our focus is commercializing new technologies that produce renewable energy, improve energy efficiency, or use renewable energy resources such as water, wind and solar. We also work with companies that deploy or manage technologies and processes that reduce greenhouse gas (GHG) emissions. In addition to providing strategic capital to investor companies, GreenAngel also mentors and advises investors to help ensure these companies achieve commercial success. For more information, please visit www.greenangelenergy.ca.
Neither the 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 news release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements that reflect the expectations of management regarding the Company's listing of its common shares on the TSX Venture Exchange. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.