/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER,
Aug. 27, 2015 /CNW/ -
Smartcool Systems Inc. (TSXV: SSC) (the "Company") announces
that, further to its press releases of March
27, 2015 and June 15, 2015, it
has issued replacement debentures to 4 persons in the aggregate
principal amount of $28,396, together
with an aggregate of 28,396 non-transferable share purchase
warrants, to refinance debentures that expired on March 1, 2015. The replacement debentures
are not convertible, bear interest at 12% per annum and provide for
a partial payment of principal on September
30 2015, followed by one balloon payment of principal and
interest at maturity on March 31,
2016. Each non-transferable share purchase warrant provides
entitles the holder to purchase one common share of the Company at
an exercise price of $0.06 per share
until the warrants expire on March 31,
2016. On June 15, 2015, the
Company closed the first tranche of the re-finance of debentures
for an aggregate principal amount of $210,149.
The Company intends to refinance an additional $8,737 worth of the debentures that matured on
March 1, 2015, for an aggregate total
principal amount of $247,282.
The debentures issued in connection with the closing of the
Financing are not convertible and are subject to restrictions on
resale that expire on October 13,
2015.
About Smartcool
Smartcool Systems Inc. (TSXV: SSC) provides cutting edge
energy efficient and energy cost reduction solutions for businesses
around the world. The ECO3 and ESM are Smartcool's unique
retrofit technologies that reduce the energy consumption of
compressors in air conditioning, refrigeration and heat pump
systems by 15% to 20%, giving a return on investment in 12 to 36
months.
On behalf of Smartcool Systems Inc.
George Burnes, President
604.669.1388
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE SmartCool Systems Inc.