Rochester, NY -- Natcore Technology Inc. (TSX-V: NXT; OTCQB: NTCXF) has completed the first tranche of its proposed non-brokered private placement, as announced on November 2, 2016. Gross proceeds of $230,000.00 were raised through the sale of 1,000,000 units at a price of $0.23 per unit. Each unit comprised one common share and one share purchase warrant. Each warrant entitles the holder to purchase of a further common share at $0.30 for a period of three years.
Finders’ fees were paid in connection with the initial tranche of $16,100 payable in cash and 70,000 finders’ warrants having the same terms of the warrants issuable in the units.
All securities issued in the initial tranche are subject to a hold period in Canada expiring on March 3, 2017. Proceeds of the placement will be applied to further development of the Company’s technologies and general working capital.