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CSM ClearStream Energy Services Inc

0.045
0.00 (0.00%)
22 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
ClearStream Energy Services Inc TSX:CSM Toronto Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.045 0.045 0.05 0 01:00:00

CSM Announces Completion of Over-Subscribed Private Placement

11/09/2012 11:21pm

Marketwired Canada


CSM Systems Corp. (TSX VENTURE:CKX)("CSM") is pleased to announce that it has
completed a private placement financing as first announced on July 19, 2012.
Under the offering, which was over-subscribed, CSM issued 11,050,000 units
("Units") at a price of $0.05 per Unit (the "Private Placement") for gross
proceeds of $552,500. Each Unit is comprised of one (1) common share ("Common
Share") and one-half (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 per Common Share 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
warrantholder.


CSM intends to use the proceeds from the Private Placement for general working
capital purposes, and marketing of its innovative way finding and interactive
customer service applications. No bonus, finder's fees or commissions were paid
in connection with the Private Placement.


The participation in the Private Placement by the directors 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.


Pursuant to applicable Canadian securities laws, the securities issued under the
Private Placement are subject to a four-month hold period from the time of
closing of the Private Placement.


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