Today's News |
Torino Power Solutions Closes $808,000 Private Placement Financing
Thursday, June 1, 2017Company Profile | Follow Company
Burnaby, BC, June 1, 2017--(T-Net)--Torino Power Solutions Inc. (CSE: TPS) announced today that the company has closed an oversubscribed, non-brokered private placement financing for gross proceeds of $808,028 through the sale of 10,773,705 Units.
Each Unit is comprised of one common share at $0.075 cents, and one non-transferable common share purchase warrant 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.
About Torino Power Solutions
Torino Power Solutions Inc. is a Vancouver, B.C., based technology company. Torino is a provider of Powerline real-time wireless monitoring systems, also known as Dynamic Thermal Circuit Rating (DTCR) technology that increases the capacity of congested high voltage power lines of electric utilities by providing real-time data to utilities related to sag, temperature and other vital information.
Torino microwave cavity sensors are super durable and do not require a power source and are easy to apply to existing power lines. The technology has market opportunities and applications for utilities worldwide as well as oil pipelines, dams, bridges and other major infrastructure assets. Find out more about our technology by visiting our technology page.
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.