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VICTORIA, BC, Jan. 12 /CNW/ - Streetlight Intelligence Inc. ("SLQ" or "the Corporation") is pleased to announce that it has engaged Dundee Securities Corporation (the "Agent" or "Dundee") to undertake the issuance, by way of private placement, units of the Company for gross proceeds of up to $3.0 million. The offering will be completed on a "best efforts" basis and was originally announced as a non-brokered financing on Dec. 2nd, 2009.
"Gaining the support of a securities firm like Dundee in respect of this financing provides SLQ with an excellent opportunity to widen its shareholder base and broaden its business development opportunities while gaining access to capital," states Vince Krynski, Chief Executive Officer. "Together with the enduring commitment and support of our existing stakeholders, we are poised to take the next steps in our evolution."
The offering shall consist of up to 25,000,000 units at a purchase price of $0.12 per unit (the "Unit") for gross proceeds of up to $3.0 million (the "Offering"). Each Unit will consist of one common share and one-half (1/2) of one common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase one additional common share of the Corporation at a price of $0.24 exercisable for a period of 12 months from the closing of the Offering.
The common shares, Warrants, and any common shares issued upon exercise of the Warrants shall be subject to a hold period expiring four (4) months and one day after issuance.
Subject to the best efforts of SLQ and the Agent, it is anticipated that the Offering will close on or about February 18, 2010. Net proceeds from the private placement will be used for general working capital. Completion of the private placement is subject to receipt of all regulatory body approvals, including approval by the TSX Venture Exchange Inc. SLQ currently has 73,780,663 common shares issued and outstanding.
About Streetlight Intelligence Inc.
Streetlight Intelligence Inc. develops advanced street light optimization systems. Trademarked as Lumen IQTM, SLQ's technologies provide improved lamp performance, adaptive lighting control, and system-wide communications for centralized street light management. SLQ's systems enable street light operators to significantly reduce their community's energy consumption, maintenance costs and environmental impact.
SLQ is a public company listed on the TSX Venture Exchange under the symbol "SLQ".
Certain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning anticipated completion of the private placement and other factors and events described in this news release should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to complete this Offering, the effects of a recessionary economy and such other business risks as discussed herein and other publicly filed disclosure documents of the Corporation. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements there may be other factors that cause actions events or results not to be anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
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 and accuracy of this release.
SOURCE STREETLIGHT INTELLIGENCE INC.
For further information: For further information: visit www.StreetlightIQ.com or contact: Vincent Krynski, Chief Executive Officer, (403) 571-2412, vkrynski@StreetlightIQ.com; D. Mark Alenius, CA, Chief Financial Officer, (403) 803-7390, malenius@StreetlightIQ.com