Business
Sprylogics Announces Financing of Approximately $5 Million and Provides Update on Poynt Acquisition
TORONTO , July 17, 2013 /CNW/ - Sprylogics International Corp. (TSXV: SPY), ("Sprylogic...
About this update from Bragg Gaming Group Inc.
[{"type":"text","content":"\n\n\nTORONTO, July 17, 2013 /CNW/ - Sprylogics International Corp. (TSXV: SPY), (\"Sprylogics\" or \"the\n Company\"), the international provider of innovative mobile search and messaging\n monetization services, announces that it has entered into an engagement\n letter with Beacon Securities Limited (the \"Agent\") in respect of a private placement of subscription receipts of\n Sprylogics on a best efforts basis (the \"Offering\"). The Offering consists of a private placement of approximately\n 12,500,000 subscription receipts (the \"Subscription Receipts\") at a price of $0.40 per subscription receipt for gross proceeds of\n approximately $5,000,000.\n\n\nEach Subscription Receipt shall be automatically exchanged, without any\n further action by the holder of such Subscription Receipt, and for no\n additional consideration, for one (1) common share, on a\n post-consolidation basis, upon the satisfaction of the Escrow Release\n Conditions (as defined below) on or prior to the date which is 60 days\n from the closing of the Offering.  The Escrow Release Conditions are as\n follows:\n\n\nSprylogics completing the acquisition of Poynt Inc. (\"Poynt\"), as described below; and\n\n\nthe consolidation of the issued and outstanding shares of Sprylogics on\n a one (1) new share for ten (10) old share basis.\n\n\nSprylogics has scheduled an annual and special shareholder meeting for\n September 3, 2013 at which shareholders will be asked, among other\n things, to approve the consolidation of the Company's common shares on\n a one (1) new share for ten (10) old share basis.\n\n\nThe Company shall pay to the Agent a commission (the \"Commission\") equal to 7% of the gross proceeds from the sale of the Subscription\n Receipts upon the release of the escrowed funds. As additional\n consideration for the services of the Agent, upon the release of the\n escrowed funds, the Agent will be granted compensation options (\"Compensation Options\") equal to 7% of the number of Subscription Receipts sold pursuant to\n the Offering. Each Compensation Option will be exercisable on a\n post-Consolidation basis for one common share of the Company for a\n period of twenty-four (24) months following the release of the escrowed\n funds at an exercise price of $0.40 per common share.\n\n\nThe Offering is scheduled to close on July 31, 2013.\n\n\nThe ne...