|By Marketwired .||
|July 17, 2014 11:22 AM EDT||
EDMONTON, ALBERTA -- (Marketwired) -- 07/17/14 -- 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 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.
President & CEO
Telephone: (780) 425-9460
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