TORONTO, July 31, 2013 /CNW/ - Sprylogics International Corp. (TSXV: SPY), (“Sprylogics” or “the Company”), the international provider of innovative mobile search and messaging monetization services, has closed the previously announced subscription receipt financing. The Company issued a total of 15,197,340 subscription receipts (the “Subscription Receipts”) at a price of $0.40 per subscription receipt for gross proceeds of $6,078,936(the “Offering”).
Each Subscription Receipt shall be automatically exchanged, without any further action by the holder of such Subscription Receipt, and for no additional consideration, for one (1) common share, on a post-consolidation basis, upon the satisfaction of the Escrow Release Conditions (as defined below) on or prior to the date which is 60 days from the closing of the Offering. The Escrow Release Conditions are as follows:
- Sprylogics completing the acquisition of Poynt Inc. (“Poynt”), as described below; and
- the consolidation of the issued and outstanding shares of Sprylogics on a one (1) new share for ten (10) old share basis.
Sprylogics has scheduled an annual and special shareholder meeting for September 3, 2013 at which shareholders will asked, among other things, to approve the consolidation of the Company’s common shares on a one (1) new share for ten (10) old share basis.
Beacon Securities Limited (the “Agent”) acted as agent for the Company in connection with the Offering, with PowerOne Capital Markets Limited acting as a selling group member. A commission of $360,631.60 will be paid to the Agent upon the release of the escrowed funds. As additional consideration for the services of the Agent, upon the release of the escrowed funds, the Agent will be granted 901,579 compensation options, with each compensation option being exercisable on a post-Consolidation basis for one common share of the Company for a period of twenty-four (24) months following the release of the escrowed funds at an exercise price of $0.40 per common share. In addition, the Company has agreed, subject to the approval of the TSX Venture Exchange, to issue 455,920 warrants, having the identical terms as the compensation options granted to the Agent, as a finder’s fee in connection with the Offering.
Update on Poynt Acquisition
Further to the Company’s press release of July 17, 2013, the acquisition is scheduled to close later today.
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
Original Release: Newswire.ca
Image: Courtesy Sprylogics