|By Marketwired .||
|August 11, 2014 01:32 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/11/14 -- CRS Electronics Inc. ("CRS" or the "Company"), (TSX VENTURE: LED), a developer and manufacturer of LED lighting products, is pleased to announce that it has closed its previously announced non-brokered private placement of 11,200,000 units of the Company (the "Units") at an offering price of $0.18 per Unit for gross proceeds to the Company of $2,016,000 (the "Offering"). Canaccord Genuity Corp. ("Canaccord") assisted with the Offering and received a cash commission of $120,960 and 672,000 compensation options. Each compensation option entitles Canaccord to purchase one common share of the Company at a price of $0.18 until August 11, 2016.
Each Unit is comprised of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.18 until August 11, 2016. If the closing price of the common shares of the Company on the TSX Venture Exchange is $0.30 or above for 20 consecutive trading days, the Company has the right to accelerate the expiry date of the warrants upon notice to the holders.
The net proceeds from the Offering will be used for general corporate and working capital purposes.
All securities issued pursuant to this Offering are subject to a four month hold period expiring on December 12, 2014.
CRS Electronics Inc. (TSX VENTURE: LED), is a leader in the emerging, rapidly-growing market of high efficiency light-emitting-diode ("LED"), or, solid state lighting ("SSL"). The principal activities of CRS include the development, manufacture and sale, primarily in North America, of indoor lighting products such as LED replacement lamps, exterior LED warning lights on school buses, child safety systems for school buses, LED architectural lighting fixtures, and contract manufacturing of LED circuit boards. As an innovator of LED solutions since 1998, CRS Electronics continues to expand its product portfolio and market presence with business partners and customers, and under its own product brands, which include CRS Electronics and Lumenova.
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.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws which can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other CRS filings, and include availability of sufficient working capital for development and operations, availability of a qualified work force, availability of manufacturing equipment and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other CRS filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, CRS does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.
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