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CSM ClearStream Energy Services Inc

0.045
0.00 (0.00%)
23 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 Systems Corp. Closes Private Placement

25/03/2013 9:09pm

Marketwired Canada


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. 


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

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