AccelRate Power Systems Inc.
TSX VENTURE : AXP

AccelRate Power Systems Inc.

March 31, 2011 17:37 ET

AccelRate Announces Non-Brokered Private Placement to Raise Up to $530,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2011) - AccelRate Power Systems Inc. (TSX VENTURE:AXP) (the "Company") has retained the services of Aberdeen Gould Capital Markets Ltd., an Exempt Market Dealer (the "EMD"), to arrange a non-brokered private placement consisting of up to 1,000,000 common shares of the Company at the price of $0.53 per share to raise gross proceeds of up to $530,000.

Completion of the offering is subject to TSX Venture Exchange acceptance. The Company has agreed to pay the EMD a cash finder's fee equal to 8% of the gross proceeds derived from the offering and, in addition, to issue finder's warrants exercisable to purchase that number of common shares which is equal to 8% of the total number of shares issued by the Company pursuant to the offering. The finder's warrants relating to the offering will be exercisable for five years after closing at the price of $0.56. All securities issued pursuant to the offering will be subject to a four-month hold period from the closing date. The proceeds from the offering will be used for general working capital.

ON BEHALF OF THE BOARD

"Reimar Koch"
President, AccelRate Power Systems Inc.

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.

Contact Information

  • AccelRate Power Systems Inc.
    Reimar Koch
    (604) 688 8656
    (604) 688-8654 (FAX)
    info@accelrate.com