LED lighting company CRS Electronics Inc., has repaid the principal and interest payable pursuant to the secured debenture with Diocles Capital Inc. ("Diocles") which provided the Company with $300,000 in short term bridge financing.
Pursuant to the repayment terms of the Bridge Facility, the Company repaid the principal amount of $300,000 and paid interest in the amount of $6,000 to Diocles.
The Company also issued 275,682 common shares of the Company to Diocles as bonus shares (the "Bonus Shares"). The quantum of the Bonus Shares was based on a closing price on June 8, 2012 of $0.29 per common share and a Discounted Market Price of $0.2175. The Bonus Shares are subject to a statutory hold period which expires on October 12, 2012.
