TORONTO, March 9, 2012 /CNW/ - Sprylogics International Corp. - TSX Venture: SPY ("Sprylogics" or the "Company") is pleased to announce the completion of a non-brokered private placement (the "Private Placement") of 14,453,800 units (the "Units") at a price of $0.09 per Unit for gross proceeds of $1,300,842. Each Unit consists of one common share and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one common share of the Company (the "Warrant Share") at a price of $0.15 per Warrant Share for a term of 18 months from the closing date.
The Company paid cash finder's fees totaling $40,496 and issued 590,225 non-transferable options (the "Finder Options"), each Finder Option exercisable to acquire a common share of the Company at an exercise price of $0.15 for a period of 18 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.
About Sprylogics International Corp.
Sprylogics International develops advanced search and analysis technology. Additionally, Sprylogics' products search large amounts of unstructured data on the web, and in internal corporate databases, and convert it into more relevant searches for a variety of applications. The core technology driving Sprylogics' solutions is embedded in the Cluuz Search Engine platform. Cluuz search results are visually displayed through patent pending semantic cluster graphs and result in improved decision-making capabilities. Find out more at www.sprylogics.com, and www.cluuz.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.
For further information:
Sprylogics International Corp.
David Berman, CFO, 905-761-9200 Ext.21 or [email protected]