VANCOUVER (Yosefardi) – MicroCoal™ Technologies Inc. has closed the first tranche of its previously announced non-brokered private placement, in the amount of $1,028,550.
MicroCoal™ intends to use the proceeds of the private placement for general working capital expenses, repayment of certain debts and expenses associated with sales and marketing efforts in Asia, Europe and North America.
The company will be continuing with the second tranche of the up to $3,000,000 private placement on the same terms and conditions.
The company is focused on commercializing its unique, clean-coal upgrading technology known as MicroCoal™; a low-cost, patented microwave technology that reduces moisture in coal resulting in an upgraded energy content of coal.
The company is currently constructing the first commercial facility in Indonesia with other projects soon to be announced.