TORONTO, May 13, 2015 /CNW/ - Sprylogics
International Corp. ("Sprylogics" or the "Company") (TSXV:
SPY), a technology provider of semantic search, machine learned
language and Natural Language Processing, is pleased to announce
that it intends to complete a $2
million convertible debenture financing. The
convertible debentures will mature in 12 months and will carry an
interest charge of 4% per annum payable on maturity. The
principal amount of the convertible debentures will be
automatically converted into common shares of the Company
concurrent with the closing of the Company's next equity financing
which closes prior to maturity, with the conversion price equal to
the issue price of the applicable security under the equity
financing, provided that the conversion price can be no lower than
$0.70 per share.
The funds will be used to support the Company's working capital
for operations, marketing, technology JV's, product launches,
potential acquisitions and research expenses for future product
development.
About Sprylogics
Sprylogics International Corp. is a
technology provider of semantic search, machine learned language
and Natural Language Processing ("NLP"). The Company's newest
app, BreakingSports utilizes semantic, machine learned language and
NLP to track social media in fully automated, real-time manner, for
significant sports information and events and distributes
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.
Find out more at sprylogics.com and
breakingsportsapp.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. 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.