TORONTO, Jan. 19, 2016 /CNW/ - Breaking Data Corp. (TSX VENTURE: BKD) (the "Company") announces that it has closed a $500,000 principal amount secured convertible debenture financing, and the lender has made a further $500,000 available for drawdown under the convertible debenture, at the Company's option, during the term of the convertible debenture. The key terms of the convertible debenture are as follows: one year term; interest of 8% per annum; secured against the assets of the Company; and, convertible into units of the Company at a conversion price of $0.35 per unit, with each unit comprised of one common share and one-half of one warrant, with each full warrant exercisable into a common share at an exercise price of $0.50 per share for a period of 12 months from conversion of the debenture. The lender has been paid a set-up fee of 5% of the facility made available to the Company.
All securities issued pursuant to the financing are subject to a four month hold period.
About Breaking Data Corp.
Breaking Data Corp. is a technology provider of semantic search, machine learning and natural language processing ("NLP"). The Company's newest app, BreakingSports, utilizes semantic machine learning and NLP to track social media in a fully automated, real-time manner for significant sports information and events and distributes summarized information through real-time push notifications to consumers. The Company also enables mobile application providers to generate revenue into their apps via its "Poynt-Enabled" SDK and owns Poynt, a local mobile search app. Find out more at breakingdatacorp.com.
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 Breaking Data's 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 Breaking Data Corp.
For further information: Breaking Data Corp., David Berman, CFO, (905) 761-9200, Ext. 21, [email protected], www.breakingdatacorp.com