TSX Venture Exchange
Symbol: SPY
TORONTO,
Jan. 30, 2013 /CNW/ - Sprylogics
International Corp. ("Sprylogics" or the "Company") is pleased
to announce the completion of a non-brokered private placement (the
"Private Placement") of 20,254,000 units (the "Units") at a price
of $0.05 per Unit for gross proceeds
of $1,012,700. Each Unit
consists of one common share and one common share purchase warrant
(a "Warrant"). Each Warrant will entitle the holder to purchase one
common share of the Company (the "Warrant Share") at a price of
$0.10 per Warrant Share for a term of
24 months from the closing date.
The Company paid cash finder's fees totaling
$4,370 and issued 87,400
non-transferable options (the "Finder Options"), each Finder Option
exercisable to acquire a common share of the Company at an exercise
price of $0.10 for a period of 24
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.
Convertible Debenture
The Company also announces that the $250,000 secured convertible debenture issued in
November 2012 has been replaced by a
secured debenture which will not be convertible into common shares
of the Company. In addition, the holder of the debenture has
advanced an additional $150,000 to
the Company resulting in the principal amount of the secured
debenture now being $400,000.
As a result of the terms of the debenture being amended to remove
the convertibility feature, the 2,500,000 common share purchase
warrants issued in connection with the convertible debenture have
been cancelled. In connection with the issuance of the
$400,000 principal amount secured
debenture, the Company has issued 1,600,000 common shares to the
holder of the debenture.
About Sprylogics International Corp.
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
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.