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Sprylogics International Corp. - Fourth Default Status Report
TSX Venture Exchange Symbol: SPY TORONTO, July 24 /CNW/ - Sprylogics International Corp. ("Sprylo...
About this update from Bragg Gaming Group Inc.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange\nSymbol: SPY\n\n\nTORONTO, July 24 /CNW/ - Sprylogics International Corp. ("Sprylogics" or\nthe "Company") is providing this fourth bi-weekly default status report in\naccordance with National Policy 12-203 - Cease Trade Orders for Continuous\nDisclosure Defaults ("NP 12-203"). In its initial default announcement of May\n28, 2009 (the "Default Notice"), the Company announced that it will not be\nfiling its audited financial statements for its fiscal year ended January 31,\n2009 (the "Annual Financial Statements") and its management's discussion and\nanalysis relating to the Annual Financial Statements (collectively, the\n"Annual Required Filings") before the prescribed deadline of June 1, 2009. The\nCompany provided its first bi-weekly default status report on June 12, 2009,\nits second bi-weekly default status report on June 25, 2009 and its third\nbi-weekly status report on July 10, 2009 (collectively, the "Default Status\nReports").\n\n\nAs previously announced, the Company made an application to the\napplicable securities regulators under NP 12-203 requesting that a management\ncease trade order be imposed in respect of this late filing. On June 2, 2009,\nthe Ontario Securities Commission issued a temporary management cease trade\norder, which imposed restrictions on all trading in and all acquisitions of\nthe securities of the Company by the Chief Executive Officer and the Chief\nFinancial Officer of the Company for a period of 15 days from the date of such\norder. On June 15, 2009, the Ontario Securities Commission issued a permanent\nmanagement cease trade order.\n\n\nAs previously announced, the Company has been negotiating a private\nplacement of common shares of the Company in order to provide sufficient\nworking capital to engage the auditors to complete the Annual Financial\nStatements. The Company has been unable to complete this equity private\nplacement and is, instead, currently negotiating a convertible debenture\nfinancing on a private placement basis in order to raise the required working\ncapital. As previously announced, the Company anticipates that it will file\nthe Annual Required Filings by August 31, 2009.\n\n\nAs previously announced, as a result of the delay in filing the Annual\nRequired Filings, the Com...