SMSA Crane Acquisition Corp. announced that it has signed a term sheet for a private placement on best efforts basis of common shares for gross proceeds of $49,032,225 on January 25, 2014.

As of February 14, 2014, the company announced that it has received $3,068,370 in its first tranche closing. The company issued 927,000 shares at $3.31 per share as part of the tranche. The company issued the securities pursuant to exemption provided under Regulation D. Pariter Securities, LLC acted as a placement agent to the company for the transaction. The company paid $125,431 and issued the agent 91,843 shares as commissions or expenses. The company also issued 92,700 five-year warrants exercisable at $3.31 per share to the agent. The net proceeds from the transaction were $2,941,939.