CRS Electronics Announces Proposed $1 Million Loan Financing
02 Dicembre 2013 - 9:25PM
Marketwired
CRS Electronics Announces Proposed $1 Million Loan Financing
TORONTO, ONTARIO--(Marketwired - Dec 2, 2013) - CRS Electronics
Inc. ("CRS" or the "Company"), (TSX-VENTURE:LED), a developer and
manufacturer of LED lighting products, is pleased to announce
closing of a $1 million loan financing from CJL Holding Inc., a
corporation related to Mr. Chang Jiang Wu, the Company's Executive
Chairman. The loan is evidenced by a non-interest bearing unsecured
promissory note repayable on or about December 31, 2013 through the
issuance of 5 million common shares of CRS at an issue price of
$0.20 per share.
On November 13, 2013, CRS announced a proposed private placement
of 15 million shares to CJL Holding Inc. at a price of $0.20 per
common share for total aggregate proceeds to the Company of $3
million. As a result of today's loan financing, the remaining
portion of the private placement financing will now be for proceeds
of $2 million.
CJL Holding Inc., 26 Carat Crescent, Richmond Hill, ON L4S 0B3,
currently owns 30,400,548 common shares of CRS, representing
approximately 42.56% of the currently issued and outstanding common
shares of CRS. Pursuant to the terms of the promissory note, on or
about December 31, 2013 CJL Holding Inc. will be issued 5,000,000
common shares of CRS. In addition, CJL Holding Inc. intends to
purchase an additional 10,000,000 common shares of CRS at $0.20 per
share on or about December 31, 2013. After repayment of the loan
and completion of the additional closing, CJL Holding Inc. will own
45,400,548 common shares of CRS, representing approximately 52.55%
of the then issued and outstanding common shares of CRS. CJL
Holding Inc. will acquire the common shares for investment purposes
and it, and/or one or more of its affiliates may, depending on
market and other conditions, increase or decrease its beneficial
ownership of common shares of CRS or other securities of CRS
whether in the open market, by privately negotiated agreement or
otherwise.
The purpose of the $1 million loan was to improve CRS's working
capital position ahead of the anticipated closing date of the
proposed private placement. An early warning report with additional
information in respect of the acquisition will be filed on and can
be obtained under CRS's profile on SEDAR at www.sedar.com.
Closing of the additional $2 million private placement is
subject to satisfaction of customary closing conditions, including
receipt of all necessary regulatory approvals, and is expected to
occur on or about December 31, 2013. Repayment of the loan through
the issuance of shares is also subject to receipt of all necessary
regulatory approvals.
About CRS Electronics
CRS Electronics Inc., a Lighting Facts partner, is a leader in
the emerging, rapidly-growing market of high efficiency
light-emitting-diode ("LED"), or, solid state lighting ("SSL"). The
principal activities of CRS include the development, manufacture
and sale, primarily in North America, of indoor lighting such as
LED replacement lamps, exterior LED warning lights on school buses,
child safety systems for school buses and contract manufacturing of
LED circuit boards. As an innovator of LED solutions since 1998,
CRS Electronics continues to expand its product portfolio and
market presence with business partners and customers, and under its
own product brands.
Neither the 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.
Statements in this news release regarding the additional
private placement closing and the repayment of the loan with shares
constitute forward-looking information. Such forward-looking
statements are based on a number of material factors and
assumptions, including the receipt of all required approvals
including the approval of the TSX Venture Exchange and the
satisfaction of the other conditions of closing. While we consider
these assumptions to be reasonable based on information currently
available to us, they may prove to be incorrect. Actual results may
vary from such forward-looking information for a variety of
reasons, including the risk that the proposed private placement may
not close or the loan may not be repaid in shares due to failure to
obtain regulatory approval or meet other closing conditions to the
private placement. Other than as required by law, CRS does not
intend, and undertakes no obligation to update any forward-looking
information to reflect, among other things, new information or
future events.
CRS ElectronicsMatthew GroenChief Financial
Officermgroen@crselectronics.comwww.crselectronics.com
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