Sprylogics International Corp. Completes $500,000 Debenture Financing
TORONTO, Aug. 25, 2014 /CNW/ - Sprylogics International Corp. ("Sprylogics" or the "Company") (TSXV: SPY) is pleased to announce that it has completed the issuance of a total of CAD$500,000 principal amount unsecured debentures (the "Debentures") financing. The Debentures will bear interest at 10% per annum and mature 12 months from closing. The holders of the Debentures have also received an aggregate of 666,666 common shares of the Company in connection with the issuance of the Debentures.
All of the securities issued in connection with the financing are subject to a hold period of four months and a day from the date of issuance.
Sprylogics International Corp. enables telecom operators, messaging and mobile application providers to introduce new revenue streams into their apps with its "Poynt-Enabled" SDK. "Poynt-Enabled" brings monetization related to the user's search intent, while increasing loyalty, engagement and usage activity levels. Sprylogics semantically aggregates and distributes useful local content by making it searchable via its patented geographical and contextual targeting technology.
Sprylogics also markets Poynt; an award winning, all-in-one mobile local search App that has garnered over 20 million downloads. Both products have a common focus on enhancing the mobile user experience, enabling users to do more "without leaving the app", while monetizing via local search results and transactions.
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.
Cautionary and Forward-looking Statements - Statements contained in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results of Sprylogics to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to factors referenced in Sprylogics' other continuous disclosure filings, which are available at www.sedar.com. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
SOURCE Sprylogics International Corp.For further information: Sprylogics International Corp. | David Berman, CFO, (905) 761-9200, Ext. 21 | firstname.lastname@example.org | www.sprylogics.com