CSM Announces Private Placement, Conversion of Debt, Share Consolidation and Annual General Meeting
2014年5月13日 - 9:57AM
Marketwired
CSM Announces Private Placement, Conversion of Debt, Share
Consolidation and Annual General Meeting
EDMONTON, ALBERTA--(Marketwired - May 12, 2014) - CSM Systems
Corp. (TSX-VENTURE:CKX) ("CSM" or the "Corporation") is pleased to
announce that, subject to regulatory approval, it intends to
complete an offering of up to 20,000,000 units ("Units") at a price
of $0.03 per Unit for gross proceeds of up to $600,000 by way of a
private placement (the "Private Placement"). Each Unit is comprised
of one (1) common share ("Common Share") and one (1) Common Share
purchase warrant (a "Warrant"). Each Warrant entitles the holder to
purchase one (1) additional 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
temporary relief measures 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 intends to use the proceeds from the Private Placement to
invest in sales and marketing activities for its WANDA and ViCCi™
products.
CSM also announces that in order to strengthen its balance
sheet, the Corporation will issue a total of 5,000,000 Common
Shares at a deemed price of $0.05 per Common Share pursuant to the
conversion of debt in the amount of $250,000.
In addition, upon the closing of the above Private Placement and
debt conversion, the Corporation intends to conduct a share
consolidation of its share capital on the basis of one (1)
post-consolidation common share for every four (4)
pre-consolidation common shares as approved at the previous annual
general meeting by its shareholders on April 11, 2012 whereby the
board of directors was authorized to effect the consolidation on a
basis that would be considered to be beneficial for the Corporation
and in the best interests of the shareholders. Management believes
the share consolidation will encourage more liquidity for the
Corporation's common shares and will allow the Corporation greater
opportunities for future financings. Currently, the Corporation has
a total of 44,273,603 common shares issued and outstanding.
Furthermore, CSM intends to hold its 2013 annual general meeting
on Friday, July 18, 2014. The meeting will be held at 10:00 am MST
at CSM Systems Corp. office at 8634 - 53 Avenue, Edmonton, AB.
About Visionstate
Inc.
Visionstate is the leader in interactive technology software
that connects the world with enhanced guest services. Since its
first installation in 2005, Visionstate has grown to see its
software in buildings throughout Canada and the United States. By
engaging customers throughout a facility, from touchscreen
directories to mobile applications to cleaning management software,
Visionstate adds to a building's experience with its original
interactive solutions. More information can be found at
Visionstate.com.
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.
John PuttersPresident & CEO(780)
425-9460jputters@visionstate.com
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