TORONTO, ONTARIO--(Marketwire - April 4, 2008) - Sprylogics International Corp. (the "Company") (TSX VENTURE:SPY) announced today that it has entered into an agreement with PowerOne Capital Markets Limited as agent (the "Agent") to complete a best efforts private placement financing to raise up to $2,000,000 (the "Offering"). Pursuant to the engagement agreement with the Agent, the Offering will be comprised of up to 13,333,333 units ("Units") of the Company at a price of $0.15 per Unit, each Unit comprised of one common share of the Company and one-half of one common share purchase warrant ("Warrant"), with each whole Warrant exercisable into a common share of the Company at an exercise price of $0.20 for a period of 24 months.
The closing of the sale of Units is expected to occur on or about April 15, 2008 and 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, including marketing and research and development.
The Company has agreed to pay the Agent a cash commission of 7% of the gross proceeds of the Offering and to issue broker warrants entitling the Agent to purchase that number of Units equal to 7% of the number of Units sold pursuant to the Offering. Such broker warrants will be exercisable at any time until the 24 month anniversary of their issuance at a price of $0.15 per Unit.
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, and convert it into actionable intelligence. The core technology driving Sprylogics' solutions is embedded in the Cluuz Search Engine platform which enables both consumers and corporate users to methodically search the Internet and internal corporate resources and find the information they are looking for. Cluuz search results are visually displayed through patent pending semantic graphs and result in improved decision making capabilities. To find out more, visit www.sprylogics.com.
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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sprylogics International Corp. Michael Frank CEO (416) 221-5119 Email: michael@sprylogics.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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