|By Marketwired .||
|May 12, 2014 08:57 PM EDT||
EDMONTON, ALBERTA -- (Marketwired) -- 05/13/14 -- 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(TM) 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.
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