VANCOUVER, BC. January 17, 2012. Smartcool Systems Inc. (TSX-V: SSC) announces that further to its news releases dated November 15, 2011 and December 6, 2011, the company will not proceed with the closing of the final tranche of the private placement as initially announced on November 15, 2011. The closing of the first tranche will be the final and only closing of the private placement.
Smartcool is pleased to announce that it has arranged a new non-brokered private placement of 2,678,571 common shares (“Shares”) at a price of $0.14 per Share for aggregate gross proceeds of approximately $375,000 (the "Offering").
The proceeds raised from the Offering will be used for general working capital and purchase of inventory.
The Offering is subject to TSX Venture Exchange approval.
Smartcool Systems Inc. (TSX-V: SSC) provides energy efficiency solutions for businesses around the world. The ESM™ and ECO3™ are Smartcool’s unique retrofit technologies that reduce the energy consumption of compressors in air conditioning, refrigeration and heat pump systems, with no risk to existing equipment performance.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.