CRS Electronics Inc., an inventor, developer and manufacturer of LED lighting, is pleased to announce that the Company has closed the previously announced non-brokered private placement.
We are extremely pleased to receive continued recognition and support from investors in these challenging financial market conditions, said Scott Riesebosch, President of CRS Electronics. The proceeds from this financing will be used to enhance our production capacity and support our aggressive sales and marketing strategy.
By way of private placement, 2,004,446 Units were issued for gross proceeds of $1,102,445. The Units were comprised of one Common Share and one half warrant at a price of $0.55 per Unit. Each whole warrant entitles the holder to acquire one common share upon payment of $0.70 per common share for a period of twenty four 24 months. The proceeds will be used by CRS for general working capital purposes. The securities issued and issuable under the private placement are subject to a four month hold period until November 6, 2010.
The TSX Venture Exchange has conditionally accepted the private placement. Final acceptance is subject to the Company meeting all conditions of the TSX Venture Exchange.
