May 6, 2010 (FinancialWire) – SmartCool Systems (TSX Venture: SSC) said it has closed debenture offering first reported on April 26. In the offering, the company offered units at a price of $5,000 per Unit for gross proceeds of $275,000.

Each unit is comprised of a non-convertible debenture in the principal amount of $5,000 plus 8,600 warrants. Each debenture matures on that date which is three years from the date of issuance. Each warrant will entitle the holder to purchase one share of the company for a period of three years from the date of issuance at a price of $0.50 per share.

In the event that the company's common shares trade at an average price of greater than $0.80 per share for a period of not less than 60 consecutive days, Smartcool said it may give notice of its intention to accelerate the exercise period of the Warrants, such that the exercise period will expire on the third date after the date of such notice.

A finder's fees of $27,500 in cash was paid in accordance with the policies of the TSX Venture Exchange, according to Smartcool.

The debentures are non-transferrable and non-assignable. Of the warrants, 344,000 of the warrants issued are subject to a hold period expiring on August 30, 2010, and the remaining 129,000 warrants issued are subject to a hold period expiring on September 5, 2010.

For further information we invite you to visit us at http://www.smartcool.net/.

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.

Canada-based Smartcool Systems offers a line of energy efficiency retrofit products. The kits, called ESM and ECO3, are meant to reduce the electricity consumption and demand of air conditioning, heat pump and refrigeration compressors.

Smartcool said its products can save an average of 15% kWh and 10% demand on any of these systems, providing customers with a rapid payback averaging under 36 months.

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