- Company finalizes $250,000 Convertible Debenture Financing and Change of Auditor
TORONTO, Nov. 2, 2012 /CNW/ - Sprylogics International Corp (TSXV: SPY) ("Sprylogics" or the "Company") is pleased to announce that it has completed a CAD$250,000 principal amount senior secured convertible debenture (the "Debenture") financing. The Debenture will bear interest at 12% per annum, mature six months from closing and be convertible at any time prior to maturity into common shares of the Company at $0.10 per common share. The holder of the Debenture has received a general security interest on the Company. The holder of the Debenture has also received 2,500,000 warrants of the Company, each warrant exercisable into a common share of the Company at an exercise price of $0.10 per common share for a period of six months.
"As we ready our product launch and continue to expand our distribution channels, we are pleased to have this interim financing in place with a supportive lender and Advisory Board member," said Marvin Igelman, Chief Executive Officer.
The Company is readying to launch its proprietary Facebook-integrated version of Liquid Messaging in the coming weeks, which enables users to chat, perform mobile searches and seamlessly share online content within the conversation, including search results (i.e.: movies, restaurants, and local businesses), pictures and YouTube videos, with their Facebook friends as well as other Liquid Messaging users. The iPhone version of this product is currently in Beta stage.
The Company also announces that it has appointed MSCM as its auditor effective November 1, 2012. At the request of the Company, its former auditor, Zeifmans LLP, has resigned. In accordance with National Instrument 51-102, the Company has filed the attached Change of Auditor Notice on SEDAR, together with letters from Zeifmans and MSCM, each confirming that it is in agreement with the statements contained in the notice, as applicable. In particular, the notice states that there have been no reservations in the Former Auditor's report in connection with the audit of the most recently completed fiscal year, January 31, 2012. There are no reportable events, including disagreements, consultations or unresolved issues; as such terms are defined in National Instrument 51-102.
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. More information is available at www.sprylogics.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. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
SOURCE: Sprylogics International Corp.
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