TORONTO, May 22 /CNW/ - Sprylogics International Corp. (the "Company" or "Sprylogics") (TSX-VENTURE: SPY), announces that it has closed the first tranche of a non-brokered private placement financing of up to $1,000,000. This first tranche consists of 2,508,334 units (the "Units") of the Company, at a price of $0.15 per Unit, for gross proceeds of $376,250. Each Unit consists of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the Company at a price of $0.20 per share for a period of 24 months from closing. All of the securities are subject to a hold period of four months.
The Company expects to complete an additional tranche of this non-brokered financing as well as the previously announced brokered financing with PowerOne Capital Markets Limited (see press release dated April 4, 2008) within the next couple of weeks.
About Sprylogics International Corp.
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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, and www.cluuz.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.
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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For further information: Sprylogics International Corp., Michael Frank, CEO, (416) 221-5119, or michael@sprylogics.com
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