Business
Sprylogics International Announces Closing of Financing
TSX Venture Exchange Symbol: SPY TORONTO, Jan. 30, 2013 /CNW/ - Sprylogics Internati...
About this update from Bragg Gaming Group Inc.
[{"type":"text","content":"\n\n\n\n\n\nTSX Venture ExchangeSymbol: SPY\n\n\nTORONTO, Jan. 30, 2013 /CNW/ - Sprylogics International Corp. (\"Sprylogics\" or the \"Company\") is pleased to announce the completion\n of a non-brokered private placement (the \"Private Placement\") of\n 20,254,000 units (the \"Units\") at a price of $0.05 per Unit for gross\n proceeds of $1,012,700.  Each Unit consists of one common share and one\n common share purchase warrant (a \"Warrant\"). Each Warrant will entitle\n the holder to purchase one common share of the Company (the \"Warrant\n Share\") at a price of $0.10 per Warrant Share for a term of 24 months\n from the closing date.\n\n\nThe Company paid cash finder's fees totaling $4,370 and issued 87,400\n non-transferable options (the \"Finder Options\"), each Finder Option\n exercisable to acquire a common share of the Company at an exercise\n price of $0.10 for a period of 24 months from the closing date.\n\n\nThe securities issued pursuant to the Private Placement will be subject\n to a four month statutory hold period from the date of issuance.\n\n\nThe net proceeds of the Private Placement will be used for research and\n development, marketing and other general working capital purposes.\n\n\nClosing of the Private Placement remains subject to final approval of\n the TSX Venture Exchange.\n\n\nConvertible Debenture\n\n\nThe Company also announces that the $250,000 secured convertible\n debenture issued in November 2012 has been replaced by a secured\n debenture which will not be convertible into common shares of the\n Company.  In addition, the holder of the debenture has advanced an\n additional $150,000 to the Company resulting in the principal amount of\n the secured debenture now being $400,000.  As a result of the terms of\n the debenture being amended to remove the convertibility feature, the\n 2,500,000 common share purchase warrants issued in connection with the\n convertible debenture have been cancelled.  In connection with the\n issuance of the $400,000 principal amount secured debenture, the\n Company has issued 1,600,000 common shares to the holder of the\n debenture.\n\n\nAbout Sprylogics International Corp. \n\n\nSprylogics International develops advanced search and analysis\n technology.  The patent pending technology platform uses Semantic and\n Machine Learning techniques t...