VANCOUVER, May 21 /CNW/ - SMARTCOOL SYSTEMS INC. (SSC-TSX:V) (the "Company") is pleased to announce that it has arranged a non-brokered private placement of up to 2 million units at a price of $0.25 per unit for gross proceeds of up to $500,000. Each unit (a "Unit") consists of one common share and one-half of a common share purchase warrant, each whole warrant entitling the holder to purchase an additional share at a price of $0.35 per share for a period of 12 months from the date of issuance.
The Company may, in its sole discretion but subject to the policies of the TSX Venture Exchange, pay a finders fee to agents of the Company consisting of (i) a cash fee in an amount of up to 7.5% of the proceeds raised by the agent as part of this offering of Units, and (ii) a number of agent's warrants, entitling the holder thereof to purchase that number of common shares that is equal to 10% of the number of Units placed through the agent as part of this offering of Units, for a period of 12 months from the date of issuance.
The proceeds from the private placement will be used for general working capital.
For further information we invite you to visit us at www.smartcool.net.
ON BEHALF OF THE BOARD
Signed "George Burnes"
George Burnes, President
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.
For further information: For further information: Telephone: (604) 669-1388, Toll Free: (604) 602-0674