pcNewsWire – Torino Power Solutions Inc. (CSE: TPS) has closed its previously announced, oversubscribed, non-brokered private placement of 10,773,705 units $0.075 per unit for for gross proceeds of $808,028.
Proceeds will be used to increase business development activity for the company’s PLM system, creation and delivery of new PLM systems to existing and new clients, new product development (tension sensor) and for working capital.
News Release
Torino Power Solutions Closes Non-Brokered Private Placement
Vancouver, British Columbia, May 29, 2017– Torino Power Solutions Inc. (CSE: TPS) (the “Company” or “Torino”), is pleased to announce that it has closed its previously announced, oversubscribed, non-brokered private placement for gross proceeds of $808,028 through the sale of 10,773,705 Units. Each Unit is comprised of one common share (“Common Share”) at $0.075 cents, and one non-transferable common share purchase warrant (“Warrant”) exercisable at $0.15 cents per common share for a period of 24 months from the date of closing.
All of the securities issued in the private placement will be subject to a securities law hold period of 4 months and a day. In connection with the private placement, the Company paid a cash finder’s fee of $20,340 and a common share finder’s fee of 218,931 shares, and issued 482,131 broker warrants which are exercisable at $0.15 cents per common share for a period of 24 months from the date of closing. The proceeds of the private placement will be used to increase business development activity for the Company’s PLM system, creation and delivery of new PLM systems to existing and new clients, new product development (tension sensor) and for working capital.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
We seek Safe Harbor.
On behalf of the Board of Directors
“Rav Mlait”
CEO and Director
Torino Power Solutions Inc.
For further information, contact at info@torinopower.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: Torino Power Solutions Inc.
