CRS Electronics Inc., an inventor, developer and manufacturer of LED lighting, is pleased to announce that the Company is arranging a non-brokered private placement financing of 2,004,446 units at $0.55 per unit for gross proceeds of $1,102,445. Each unit consists of one common share of the Company and one-half of one common share purchase warrant of the Company, each whole warrant entitles the holder to purchase one common share at an exercise price of $0.70 per share for a two-year period following the closing date. The proceeds will be used by CRS for general working capital purposes.
The Company expects to complete the private placement on or about July 5, 2010. Closing of the private placement is subject to receipt of all applicable regulatory approvals, including final acceptance of the TSX Venture Exchange. There can be no assurance that the private placement will be completed as proposed or at all.
