Vancouver, BC. December 6, 2011, Smartcool Systems Inc. (TSX-V: SSC) is pleased to announce that further to its news release dated November 15, 2011, it has completed the first tranche of a non-brokered private placement consisting of 800,000 units at a price of $0.20 per unit for gross proceeds of $160,000 (the “Offering”).
Each unit consists of one common share and one-half of one non-transferable common share purchase warrant of the Company. Each whole warrant will entitle the holder to acquire one common share of the Company at a price of $0.30 per common share until December 6, 2012.
The Company paid cash commissions to the finders totaling $3,500.
The common shares and warrants issued pursuant to the private placement and any common shares issued on exercise of the warrants are subject to four-month resale restriction that expires on April 7, 2012.
The proceeds raised will be used for general working capital and purchase of inventory.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Smartcool Systems Inc. (TSX-V: SSC) provides energy efficiency solutions for businesses around the world. The ESM™ and ECO3™ are Smartcool’s unique retrofit technologies that reduce the energy consumption of compressors in air conditioning, refrigeration and heat pump systems, with no risk to existing equipment performance. www.smartcool.net