Business
Sprylogics International Corp. - Sixth Default Status Report
Sprylogics International Corp. - Sixth Default Status Report
About this update from Bragg Gaming Group Inc.
[{"type":"text","content":"\n\n\n\nSep. 21, 2009 (Canada NewsWire Group) -- TORONTO, Sept. 21 /CNW/ -- Sprylogics International Corp. (\"Sprylogics\" or the \"Company\") is providing this sixth bi-weekly default status report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults (\"NP 12-203\"). In its initial default announcement of May 28, 2009 (the \"Default Notice\"), the Company announced that it will not be filing its audited financial statements for its fiscal year ended January 31, 2009 (the \"Annual Financial Statements\") and its management's discussion and analysis relating to the Annual Financial Statements (collectively, the \"Annual Required Filings\") before the prescribed deadline of June 1, 2009.As previously announced, the Company made an application to the applicable securities regulators under NP 12-203 requesting that a management cease trade order be imposed in respect of this late filing. On June 2, 2009, the Ontario Securities Commission issued a temporary management cease trade order, which imposed restrictions on all trading in and all acquisitions of the securities of the Company by the Chief Executive Officer and the Chief Financial Officer of the Company for a period of 15 days from the date of such order. On June 15, 2009, the Ontario Securities Commission issued a permanent management cease trade order, which is still in effect.The Company is pleased to announce that it has entered into a term sheet with a lender providing for the issuance by the Company of CAD$304,500 principal amount of senior secured convertible debenture (the \"Debenture\"). The Debenture will bear interest at 15% per annum, mature one year from closing and be convertible at any time prior to maturity into common shares of the Company at $0.035 per common share. The closing of this debenture financing, which is subject to the approval of the TSX Venture Exchange and the satisfactory completion of due diligence other customary conditions, is expected to occur on September 30, 2009. Provided this debenture financing is completed successfully, the Company will have sufficient working capital to engage the auditors to complete the Annual Financial Statements.The Company previously announced that it anticipated that it would file the Annual Required Filings by August 31, 2009. However, since the Company has not secu...