VANCOUVER, June 8 /PRNewswire-FirstCall/ - SMARTCOOL SYSTEMS INC. (the "Company") (SSC-TSX:V is pleased to announce that it has closed its private placement (the "Private Placement") announced in its news release of May 21, 2010, as amended on May 26, 2010. Pursuant to the Private Placement, the Company issued units (the "Units") at a price of $0.20 per Unit for gross proceeds of $500,000. Each Unit is comprised of one common share (a "Share") of the Company and one-half of a common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one Share of the Company for a period of one year from the date of issuance at a price of $0.35 per Share.
A Finder's fee consisting of $37,500 in cash and 50,000 broker warrants (the "Broker Warrants") was paid in accordance with the policies of the TSX Venture Exchange. Each Broker Warrant will entitle the holder to purchase one Share of the Company for a period of 12 months from the date of issuance at a price of $0.35 per Share.
All securities issued pursuant to the private placement are subject to a hold period expiring on October 2, 2010.
For further information we invite you to visit us at www.smartcool.net.
ON BEHALF OF THE BOARD Signed "George Burnes" ---------------------- George Burnes, President
Neither 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.
SOURCE SmartCool Systems Inc.