TORONTO, March 12, 2015 /CNW/ - Sprylogics
International Corp. ("Sprylogics" or the "Company") (TSXV:
SPY), a technology provider of semantic search and local mobile
search for consumers and businesses, is pleased to announce that it
has closed its previously announced equity financing. Due to
increased demand the size of the financing was increased from
$2 million to $3.25 million.
The Company issued 8,125,000 units at an issue price of
$0.40 per unit for gross proceeds of
$3,250,000. Each unit is
comprised of one common share of the Company and one-half of one
common share warrant, with each whole warrant exercisable into a
common share of the Company at an exercise price of $0.50 per share for a period of 18 months.
The Delavaco Group led the Placement with the purchase of
$500,000 of Units.
All shares issued in connection with the financing will be
subject to a hold period of four months and a day from the date of
issuance.
"With the capital raise we are now in position to accelerate the
marketing and strategic initiatives of our BreakingSports
app. We have received extremely positive feedback and
interest in recent weeks and we are excited about the prospects
that lie ahead," said Marvin
Igelman, CEO of Sprylogics. "In addition, we will
continue to develop the BreakingSports app, adding new sports,
innovative functionality and compelling news feeds that tap social
networks in fully automated, real time manner, making it valuable
to sport enthusiasts and fantasy sports players on a daily
basis."
BreakingSports tracks social media in real-time for significant
sports information and events and distributes summarized
information through fully automated real-time push notifications to
consumers. By utilizing advanced artificial intelligence
techniques, BreakingSports can detect events as they happen and as
they are announced in social media, determine nature of the events,
attribute events to participants, summarize source articles, index
the underlying information, provide search of events and articles
and send alerts to fantasy players, sport fans and enthusiasts.
Compared to other similar products, BreakingSports has the
differentiated advantage of not requiring human intervention when
detecting and generating alerts, thereby enabling faster delivery
of relevant information. Through a simple-to-use interface
BreakingSports users specify what teams and players they are
interested in as well as what type of events they care about, such
as injuries, roster moves, line-up changes, statistics, rumours and
more.
Visit breakingsportsapp.com or search
"BreakingSports" on the app store to find out
more. CLICK
HERE to download Android version. CLICK HERE to
download iOS version.
About Sprylogics
Sprylogics International Corp. is a technology provider of
semantic search, local mobile search for consumers and
businesses. The Company's newest app, BreakingSports utilizes
semantic and machine learned language to track social media in
fully automated, real-time for significant sports information and
events and distribute summarized information through real-time push
notifications to consumers. The Company also enables mobile
application providers to generate revenue into their apps via its
"Poynt-Enabled" SDK and owns Poynt, a local mobile search app.
Find out more at sprylogics.com and
breakingsportsapp.com
About the Delavaco Group
The Delavaco Group ("Delavaco") is a private equity and merchant
banking firm founded in 2007. Delavaco has a strong track
record of forming and actively managing early and mid market
enterprises, developing them into strong public companies with a
solid management and financial foundation.
Since inception, Delavaco has funded or structured funding in
excess of C$1.7 billion. Delavaco's
founder and partners have extensive and varied business and
investment experience stemming from senior positions in investment
banking and private equity that provide the firms' strength in (i)
investing and providing capital; (ii) mergers and acquisitions;
(iii) restructurings; and (iv) implementing exit strategies.
Delavaco is headquartered in Fort
Lauderdale, Florida with offices in Scottsdale, Arizona and Toronto, Canada.
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 or
accuracy of this release.
Cautionary and Forward-looking Statements
- Statements contained in this news release, which are not
historical facts, are forward-looking statements that involve risk,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. All forward-looking statements included in
this news release are based on information available to the Company
on the date hereof. Forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that could
cause actual results of Sprylogics to differ materially from the
conclusion, forecast or projection stated in such forward-looking
statements. These risks, uncertainties and other factors include,
but are not limited to factors referenced in Sprylogics' other
continuous disclosure filings, which are available
at www.sedar.com. Readers should not place undue reliance on
these forward-looking statements. The Company assumes no obligation
to update any forward-looking statements, except as required by
applicable securities laws.
SOURCE Sprylogics International Corp.