CSM Systems Corp. Closes Private Placement
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwire) -- 03/25/13 -- CSM Systems Corp. (TSX VENTURE: CKX) ("CSM") is pleased to announce it has completed a private placement financing as first announced January 24, 2013, subject to final approval of the TSX Venture Exchange. Under the financing, CSM issued 4,480,000 units ("Units") at a price of $0.05 per Unit (the "Private Placement") for gross proceeds of $224,000. Each Unit is comprised of one (1) common share ("Common Share") and one-half of one (1/2) Common Share purchase warrant (each whole warrant being a "Warrant"). Each Warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.10 for a period of twenty-four (24) months following the date of closing, provided that if after four months and one day following the closing date the closing price of the Common Shares is equal to or exceeds $0.15 for twenty (20) consecutive days, then the Warrants shall automatically accelerate to expire on the date which is thirty (30) days following the date a press release is issued by CSM announcing the reduced warrant term or the date that written notice has been given to the warrant holder.
CSM intends to use the proceeds from the Private Placement for general working capital purposes, and the marketing of its innovative touchscreen applications in public spaces. No bonuses, finder's fees or commissions were paid in conjunction with the Private Placement.
Companies controlled by John Putters, the President and CEO of CSM, and Randa Kachkar, the CFO of CSM, each subscribed for 500,000 Units under the Private Placement. The participation in the Private Placement by executive officers of CSM is considered a "related party transaction" under Canadian Multilateral Instrument 61-101 ("MI 61-101"), but is otherwise exempt from the formal valuation and minority approval requirements of MI 61-101 (Formal Valuation - Issuer not Listed on Specified Markets; Minority Approval - Fair Market Value Not More than 25% of Market Capitalization).
Pursuant to applicable Canadian securities laws, the securities issued under the Private Placement are subject to a four month hold period that expires on July 23, 2013.
Neither the 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 or accuracy of this release.
Contacts:
CSM Systems Corp.
John Putters
President & CEO
(780) 425-9460
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Datum: 25.03.2013 - 21:09 Uhr
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News-ID 242869
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