TORONTO, March 12, 2015 /CNW/ - Sprylogics International Corp. ("Sprylogics" or the "Company") (TSXV: SPY), a technology provider of semantic search and local mobile search for consumers and businesses, is pleased to announce that it has closed its previously announced equity financing. Due to increased demand the size of the financing was increased from $2 million to $3.25 million.
The Company issued 8,125,000 units at an issue price of $0.40 per unit for gross proceeds of $3,250,000. Each unit is comprised of one common share of the Company and one-half of one common share warrant, with each whole warrant exercisable into a common share of the Company at an exercise price of $0.50 per share for a period of 18 months.
The Delavaco Group led the Placement with the purchase of $500,000 of Units.
All shares issued in connection with the financing will be subject to a hold period of four months and a day from the date of issuance.
"With the capital raise we are now in position to accelerate the marketing and strategic initiatives of our BreakingSports app. We have received extremely positive feedback and interest in recent weeks and we are excited about the prospects that lie ahead," said Marvin Igelman, CEO of Sprylogics. "In addition, we will continue to develop the BreakingSports app, adding new sports, innovative functionality and compelling news feeds that tap social networks in fully automated, real time manner, making it valuable to sport enthusiasts and fantasy sports players on a daily basis."
BreakingSports tracks social media in real-time for significant sports information and events and distributes summarized information through fully automated real-time push notifications to consumers. By utilizing advanced artificial intelligence techniques, BreakingSports can detect events as they happen and as they are announced in social media, determine nature of the events, attribute events to participants, summarize source articles, index the underlying information, provide search of events and articles and send alerts to fantasy players, sport fans and enthusiasts.
Compared to other similar products, BreakingSports has the differentiated advantage of not requiring human intervention when detecting and generating alerts, thereby enabling faster delivery of relevant information. Through a simple-to-use interface BreakingSports users specify what teams and players they are interested in as well as what type of events they care about, such as injuries, roster moves, line-up changes, statistics, rumours and more.
Sprylogics International Corp. is a technology provider of semantic search, local mobile search for consumers and businesses. The Company's newest app, BreakingSports utilizes semantic and machine learned language to track social media in fully automated, real-time for significant sports information and events and distribute 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.
About the Delavaco Group
The Delavaco Group ("Delavaco") is a private equity and merchant banking firm founded in 2007. Delavaco has a strong track record of forming and actively managing early and mid market enterprises, developing them into strong public companies with a solid management and financial foundation.
Since inception, Delavaco has funded or structured funding in excess of C$1.7 billion. Delavaco's founder and partners have extensive and varied business and investment experience stemming from senior positions in investment banking and private equity that provide the firms' strength in (i) investing and providing capital; (ii) mergers and acquisitions; (iii) restructurings; and (iv) implementing exit strategies.
Delavaco is headquartered in Fort Lauderdale, Florida with offices in Scottsdale, Arizona and Toronto, Canada.
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, [email protected], www.sprylogics.com