(Vancouver, BC, November 24, 2010) GreenAngel Energy Corp. (”GreenAngel”) (TSX-V: GAE) is pleased to announce that it has completed its previously announced non-brokered private placement of 1,998,546 units for gross proceeds of $300,000. The private placement was fully subscribed for. As part of the offering, the directors of GreenAngel purchased 15% of the available units.
The unit offering was closed under the same terms as announced and described by the Company in its news release of September 27, 2010. Each unit is comprised of 1 common share in the capital of GreenAngel and one half of one non-transferable common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at an exercise price of $0.20 during the first year of the warrant term and at an exercise price of $0.25 during the second year of the warrant term. All securities issued under the private placement are subject to a statutory hold period which expires on March 24, 2011.
Proceeds from the private placement will be used for general working capital, to launch an investor relations program and to consider additional investments in emerging clean energy technologies.
The private placement is subject to final approval from the TSX Venture Exchange.
About GreenAngel Energy
GreenAngel Energy Corp. is a green energy technology company. 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 investee companies, GreenAngel also provides business and advisory services to help ensure these companies achieve commercial success. The firms include Delaware Power Systems, Light-Based Technologies, Habitat Carbon Assets, Rapid Electric Vehicles, DPoint Technologies, and Paradigm Environmental Technologies. 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.
ON BEHALF OF THE BOARD
Bob de Wit
CEO and Director
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which 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.