TSX Venture Exchange
TORONTO, Jan. 30, 2013 /CNW/ - Sprylogics International Corp. ("Sprylogics" or the "Company") is pleased to announce the completion
of a non-brokered private placement (the "Private Placement") of
20,254,000 units (the "Units") at a price of $0.05 per Unit for gross
proceeds of $1,012,700. Each Unit consists of one common share and one
common share purchase warrant (a "Warrant"). Each Warrant will entitle
the holder to purchase one common share of the Company (the "Warrant
Share") at a price of $0.10 per Warrant Share for a term of 24 months
from the closing date.
The Company paid cash finder's fees totaling $4,370 and issued 87,400
non-transferable options (the "Finder Options"), each Finder Option
exercisable to acquire a common share of the Company at an exercise
price of $0.10 for a period of 24 months from the closing date.
The securities issued pursuant to the Private Placement will be subject
to a four month statutory hold period from the date of issuance.
The net proceeds of the Private Placement will be used for research and
development, marketing and other general working capital purposes.
Closing of the Private Placement remains subject to final approval of
the TSX Venture Exchange.
The Company also announces that the $250,000 secured convertible
debenture issued in November 2012 has been replaced by a secured
debenture which will not be convertible into common shares of the
Company. In addition, the holder of the debenture has advanced an
additional $150,000 to the Company resulting in the principal amount of
the secured debenture now being $400,000. As a result of the terms of
the debenture being amended to remove the convertibility feature, the
2,500,000 common share purchase warrants issued in connection with the
convertible debenture have been cancelled. In connection with the
issuance of the $400,000 principal amount secured debenture, the
Company has issued 1,600,000 common shares to the holder of the
About Sprylogics International Corp.
Sprylogics International develops advanced search and analysis
technology. The patent pending technology platform uses Semantic and
Machine Learning techniques to process, analyze and interpret
unstructured data including real time conversation, in order to extract
key sentiments, facts, user interests and intent. The technology
platform is currently being used to develop innovative solutions
related to search and discovery of products and places on mobile
devices. Find out more at www.sprylogics.com or www.2ya.it
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. The Company assumes no obligation to
update any forward-looking statements, except as required by applicable
SOURCE: Sprylogics International Corp.
For further information:
Sprylogics International Corp.
David Berman, CFO, 905-761-9200 Ext.21 or email@example.com