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. www.smartcool.net
SOURCE SmartCool Systems Inc.
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