VANCOUVER,
May 6, 2015 /CNW/ -
Smartcool Systems Inc. (TSXV: SSC) (the "Company") is
pleased to announce that it has completed a non-brokered private
placement offering (the "Offering") of 11,780,000 units (the
"Units") at a price of $0.05
per Unit, for gross proceeds of $589,000. The Company intends to use the
proceeds for general working capital.
Each Unit was comprised of one common share in
the capital of the Company (a "Share") and one
non-transferable share purchase warrant (a "Warrant").
Each Warrant will entitle the holder to purchase one additional
Share in the capital of the Company (a "Warrant Share") for
a period of 24 months from the closing date at an exercise price of
$0.10. The Warrants contain a
provision providing for accelerated exercise and termination if, at
any time after four months and one day following the date they are
issued, the Company's Shares trade at a price of $0.30 or more for a period of twenty-one days or
more.
Cannacord Genuity Corp. assisted in the placement
of an aggregate of $70,000 of the
proceeds, for which it has received a cash finder's fee equal to
eight percent (8%) of the money it helped raise and 112,000 brokers
warrants, subject to the TSX Venture Exchange's approval.
Each brokers warrant entitles the holder to purchase one common
share of the Company for an exercise price of $0.10 for a period of 24 months.
All of the Shares issued are subject to a hold
period of four months and one day. The warrants are not
transferable.
About Smartcool
Smartcool Systems Inc. (TSXV: SSC) provides
cutting edge energy efficient and energy cost reduction solutions
for businesses around the world. The ECO3 and ESM are
Smartcool's unique retrofit technologies that reduce the energy
consumption of compressors in air conditioning, refrigeration and
heat pump systems by 15% to 20%, giving a return on investment in
12 to 36 months.
On behalf of Smartcool Systems Inc.
George Burnes,
President
604.669.1388
Forward-looking statements:
Certain statements in this news release are
forward-looking statements, 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. Forward looking statements in
this news release include the Company's intended use of the
proceeds. These forward-looking statements reflect
management's current views and are based on certain expectations,
estimates and assumptions which may prove to be incorrect. A number
of risks and uncertainties could cause our actual results to differ
materially from those expressed or implied by the forward-looking
statements, as well as other factors beyond the Company's control.
These forward-looking statements are made as of the date of this
news release.
Neither 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 release.
SOURCE SmartCool Systems Inc.