SCS Solars Computing Systems Inc. (the “Company”) announces that it is proceeding with a non-brokered private placement of up to 1,500,000 units at a price of Cdn.$0.20 per unit for total gross proceeds of up to Cdn.$300,000.Each unit will consist of one common share of the Company and one half of one non-transferable share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the Company at the exercise price of Cdn.$0.25 for a period of one year.
The proceeds of the private placement will be used to fund the further development and marketing of its LiveLinx, SolarNet, Newswire and TourTek products and for general working capital.
The proposed financing is subject to the approval of the TSX Venture Exchange.
SCS Solars provides solutions in information management and electronic distribution to the travel industry. Proprietary products include SolarNet NewsWire, LiveLinx and TourTek. SCS Solars is a public company trading on the TSX Venture Exchange (TSX:V) under the symbol SCS.