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VANCOUVER, June 15, 2015 /CNW/ - Smartcool Systems Inc. (TSXV: SSC) (the "Company") announces that, further to its press release of March 27, 2015, it has issued replacement debentures to 8 persons in the aggregate principal amount of $210,149, together with an aggregate of 210,149 non-transferable share purchase warrants, to refinance debentures that expired on March 1, 2015. The replacement debentures are not convertible, bear interest at 12% per annum and provide for a partial payment of principal on September 30 2015, followed by one balloon payment of principal and interest at maturity on March 31, 2016. Each non-transferable share purchase warrant provides entitles the holder to purchase one common share of the Company at an exercise price of $0.06 per share until the warrants expire on March 31, 2016.
The Company intends to refinance an additional $37,133 worth of the debentures that matured on March 1, 2015, for an aggregate total principal amount of $247,282.
The debentures issued in connection with the closing of the Financing are not convertible and are subject to restrictions on resale that expire on October 13, 2015.
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE SmartCool Systems Inc.
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