Trading Symbol: SSC.TSX.V
VANCOUVER, Aug. 17 /CNW/ - SMARTCOOL SYSTEMS INC. (SSC:TSX-V) (the
"Corporation") is pleased to announce closing of its 5,000,000 unit brokered
private placement announced July 24, 2007. An aggregate of 5,000,000 units at
a price of $1.50 per unit for total gross proceeds of $7,500,000 were issued.
Each unit consists of one common share in the capital of the Company and
one-half of a transferable share purchase warrant. Each warrant entitles the
holder thereof to purchase one additional common share on or before August 16,
2009 at a purchase price of $1.90 per share.
Haywood Securities Inc. acted as agent (the "Agent") in connection with
this financing. The Agent was paid $525,000 in cash, equal to 7% of the gross
proceeds of the units sold by the Agent. In addition, 350,000 non-transferable
compensation options ("Compensation Options") were issued to the Agent, equal
in number to 7% of the number of units sold by the Agent. Each Compensation
Option entitles the Agent to purchase one unit in the capital of the Company
for a period of twelve months from the date of issuance of the Compensation
Options at a purchase price of $1.50 per unit. Each unit consists of one
common share in the capital of the Company and one-half transferable share
purchase warrant, each warrant entitling the holder to purchase one common
share in the capital of the Company on or before August 16, 2009 at a purchase
price of $1.90 per share.
All securities issued pursuant to the private placement are subject to a
hold period until December 17, 2007.
The proceeds of the private placement wil be used for production and
marketing expenses, for working capital and for general corporate purposes.
About Smartcool Systems Inc.:
Smartcool Systems Inc. is an advanced energy savings solutions company
specializing in energy and cost reduction technologies for commercial and
retail businesses. The company's wholly owned subsidiary, SmartCool
International Inc., is the owner, developer, manufacturer and worldwide
distributor of the Energy Saving Module (ESM(TM)). This green technology
reduces the electricity consumption (kWh) and maximum demand (kW) of air
conditioning and refrigeration compressors. Rather than replacing existing
equipment, the ESM(TM) works in conjunction with existing controls in order to
ensure that compressors work at maximum efficiency, while maintaining preset
temperature levels and without causing over-cycling. Rising global energy
demand is resulting in significant increases in energy prices. Environmental
concerns are causing both government and industry to re-examine the way they
do business. SmartCool provides companies with solutions to address the
growing pressure to reduce energy costs, increase profits and reduce green
house gas emissions. For more information, please visit www.smartcool.net.
ON BEHALF OF THE BOARD
Chief Financial Officer
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Allan Thompson, Tel: (604) 669-1388 or
1-888-669-1388 or firstname.lastname@example.org