Trading Symbol: SPY Exchange: TSX Venture Exchange
TORONTO, May 27 /CNW/ - Sprylogics International Corp. (the "Company") (SPY - TSX Venture) announced today that it has entered into a term sheet with respect to a private placement offering of 17,142,857 common shares at $0.035 per share. Subject to the subscriber completing its due diligence, a closing is expected to occur within the next two weeks in regard to 5,714,285 common shares. The balance of the offering will be completed upon the Company receiving the requisite shareholder approval, which is expected to occur in the next 90 days.
The closing of the sale of common shares is subject to receipt of all necessary regulatory approvals including that of the TSX Venture Exchange.
Proceeds of the Offering will be used to fund general working capital purposes.
About Sprylogics International Corp.
Sprylogics International Inc. develops advanced search, analysis, and information display tools and services. These solutions enable users to search large amounts of unstructured data on the web, and in internal corporate databases, find the information they are looking for, and convert it into actionable intelligence. The core technology driving Sprylogics' solutions is embedded in the Cluuz Search Engine platform. Cluuz search results are visually displayed through patent pending semantic graphs and result in improved decision-making capabilities. Find out more at www.sprylogics.com, and www.cluuz.com.
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Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Sprylogics International Corporation (the Company) to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may," "will," "expect," "anticipate," "project," "believe," "plan" and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by the Company with securities regulatory authorities to which recipients of this press release are referred for additional information concerning the Company, its prospects and the risks and uncertainties relating to the Company and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of the Company to be materially different from those contained in forward-looking statements.
Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking information contained in this press release is current only as of the date of this press release. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.
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 and accuracy of this release
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