Search Blog
Categories
February 2018
M T W T F S S
« Jan   Mar »
 1234
567891011
12131415161718
19202122232425
262728  

Tags

Citadel LED Lighting Inc. Announces $500,000 Convertible Promissory Note Offering

newsfilecorp

Vancouver, British Columbia–(Newsfile Corp. – February 15, 2018) – Citadel LED Lighting Inc. (the “Company” or “Citadel”) is pleased to announce that it intends to complete a financing Offering (the “Offering”) in the form of a $500,000 Convertible Promissory Note (the “Note”). Under the terms of the Offering, the Note will carry a two year term with a redemption date of April 17th, 2020 with an interest rate of 10% per annum. The Note also has a conversion privilege allowing the Note holder to convert into Units, each unit being comprised of one (1) common share of the Company at $0.15 per share, along with one (1) common share purchase warrant exercisable at $0.30 per share for a two year period post conversion. The Notes are unsecured and non-voting and have a face value of $1,500.00 each and can be purchased in multiples of that amount. The Offering period will close on or before April 17th, 2018.

The Offering is being executed via the online investment platform FrontFundr (www.frontfundr.com) and full details of the Offering, along with additional information on the Company is available on the FrontFundr site. It is anticipated that the capital raise will allow Citadel to accelerate the Company’s development, sale and marketing of innovative LED lighting products.

InvestmentPitch Media produced a video for the fundraising campaign, which can be viewed here. If this link is not enabled, please visit www.investmentpitch.com and enter “Citadel” in the search box.

Cannot view this video? Visit:
http://www.investmentpitch.com/video/0_q8c9ok74/Citadel-LED-Lighting-has-launched-crowdfunding-campaign-with-FrontFundr

Citadel (www.citadelled.com) is a private company incorporated under the British Columbia Business Corporations Act and headquartered in Vancouver, B.C. Canada and has partnered with innovative Chinese lighting manufacturers that utilize state of the art technology to bring leading edge LED lighting products to North America. Offering products that Citadel believes are more aesthetically appealing, more efficient and more affordable than the current leading name brands, in addition to offering beyond attractive payback on investment for the customer, Citadel believes it is poised to become an industry leader in an increasingly energy conscious and environmentally aware society.

We believe that raising capital in this way is a good strategic move for our company,” said Patrick Perry, President/CEO of Citadel “as it allows Citadel to raise the necessary capital so that we can focus on rapidly growing our market share both with our existing clientele and prospective customers whom we have identified, along with expansion of our innovative product offerings. FrontFundr allows Citadel access to the private equity markets while widening our exposure so that we can continue with follow on funding rounds for Citadel which will allow us to rapidly scale our sales initiatives.”

The Company has made progress and achieved market traction without yet having significant working capital at their disposal. Citadel’s intellectual property, manufacturing relationships and expertise and disruptive delivery model gives the Company’s management a lot of confidence that this venture will be ultimately successful. The lighting market is undergoing the greatest metamorphosis since the invention of the Edison light bulb and LED technology is experiencing phenomenal growth. Citadel has developed in a very short period of time a portfolio of clients whom are leaders in their respective market categories and have demonstrated that they can deliver LED lighting products of the highest quality incorporating the newest technologies available today. This translates into an irrefutable value proposition of significant energy savings and return on investment for the end user.”

Citadel intends to use the proceeds of the Offering to pursue existing sales opportunities by having the necessary inventory on hand to fulfill purchase orders, expand Citadel’s corporate presence throughout Canada and the USA, and for general working capital expenses. Any securities issued in connection with the Offering will be subject to applicable securities laws.

About FrontFundr

Frontfundr is an online investment platform that bridges the gap between investors and entrepreneurs. FrontFundr serves regular and seasoned investors alike allowing regular investors to have access to investment in early stage private companies. They offer an efficient online market for equity and debt financings through a menu of pre-screened business opportunities.

ON BEHALF OF THE BOARD OF DIRECTORS OF CITADEL LED LIGHTING INC.

(Signed)” Patrick Perry”

President/CEO

For further information email info@citadelled.com

Reader Advisory

This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the proposal to complete the Offering and any associated transactions, including statements regarding the terms and conditions of the Offering, financings and the outlook of the LED lighting industry. Although the Company believes that based on the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate such that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Offering, additional financings, and associated transactions, that the ultimate terms of the Offering, additional financings, and associated transactions will differ from those that currently are contemplated, and that the Offering, additional financings, and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The statements in this press release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation, Citadel, their securities, or their respective financial or operating results (as applicable).