Smartcool Closes Private Placement

VANCOUVER, Feb. 25 /CNW/ - Smartcool Systems Inc. (TSX-V: SSC) is pleased to announce the closing of its private placement (the "Private Placement") previously announced on February 14 & 17, 2011.  Pursuant to the Private Placement, Smartcool issued 13,333,330 units (the "Units") at a price of $0.30 per Unit for gross proceeds of $3,999,999.40.  Each Unit is comprised of one common share (a "Share") and one half of one common share purchase warrant (a "Warrant").  Each whole Warrant entitles the holder to purchase one Share at a price of $0.45 per Share for a period of 24 months from the date of issuance.

Finders' fees consisting of 626,667 compensation warrants and $184,999.99 were paid in accordance with the policies of the TSX Venture Exchange.  The compensation warrants are exercisable at a price of $0.30 for a period of 12 months from the date of issuance.

All securities issued pursuant to the Private Placement are subject to a hold period expiring June 23, 2011.

The proceeds from the offering of units will be used for the acquisition of all of the issued and outstanding shares of Smartcool Systems U.K. Ltd., a private company owning certain distribution rights to the issuer's technology in the United Kingdom and Ireland, and to provide working capital as previously announced on January 17, 2011.  The acquisition is scheduled to close on Monday, February 28, 2011.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

About Smartcool Systems Inc.

Smartcool Systems Inc. (TSX-V: SSC) manufactures and distributes the Energy Saving Module (ESM)™ and the ECO3™, which make refrigeration and air conditioning systems more efficient, resulting in proven cost savings, reduced energy consumption, and a smaller carbon footprint. More than 26,000 units have been installed worldwide for customers such as supermarkets, food distributors, telecommunications companies, hospitals, and hotels.

SOURCE SmartCool Systems Inc.

For further information:

for investors:

George Burnes, (604) 669-1388 ext. 102 or 
Jeff Walker, Howard Group, (403) 221-0915 ext. 222
Robert Bailey, G2 Consultants, (604) 742-9990 or

Profil de l'entreprise

SmartCool Systems Inc.

Renseignements sur cet organisme


Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .


Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.


Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.