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CSM ClearStream Energy Services Inc

0.045
0.00 (0.00%)
04 Jun 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 Private Placement

17/07/2014 4:21pm

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 May 12, 2014.
Under the offering CSM issued 20,000,000 units ("Units") at a price of $0.03 per
Unit (the "Private Placement") for gross proceeds of $600,000. Each Unit is
comprised of one (1) pre-consolidation common share ("Common Share") and one (1)
Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder to
purchase one (1) additional pre-consolidated Common Share at a price of $0.05
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 $0.30 for ten
(10) 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.


The pricing of the Private Placement is made in reliance on the Discretionary
Waiver of Minimum Pricing Requirement which was established by the TSX Venture
Exchange Bulletin dated April 7, 2014. The price per common share has been set
at the last trading price on the TSX Venture Exchange before the issuance of
this press release.


CSM has paid finders' fee in connection with the Private Placement. The finders
were paid an aggregate cash sum of $29,366.40. In addition, the finders were
granted an option ("Finders' Options") to purchase an aggregate of 978,880 Units
("Finder's Units") at a price of $0.03 per Finder's Unit. Each Finder's Unit
consists of one (1) Common Share of the Corporation and one (1) Common Share
purchase warrant ("Warrant") exercisable into Common Shares at a price $0.05 per
Common Share and having a term of twenty four months (24) from the date of
Closing provided that if after four (4) months and one day following the Closing
Date, the closing price of the Common Shares of the Corporation on the principal
market on which such shares trade is equal to or exceeds $0.30 for ten (10)
consecutive trading days, if and when the Option has been exercised for Finder's
Units, the warrant term of the resultant Warrant shall automatically accelerate
to the date which is thirty (30) days following the date a press release is
issued by the Corporation announcing the reduced warrant term or the date that
written notice has been given to the warrantholder or on a date which is thirty
(30) days following the exercise of the Finder's Option, whichever is later,
without any further notification to be made by the Corporation.


CSM intends to use the proceeds from the Private Placement to invest in sales
and marketing activities for its WANDA and ViCCi(TM) products.


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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
John Putters
President & CEO
Telephone: (780) 425-9460
jputters@visionstate.com

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