Fanlogic Interactive Inc. Announces Close of a Non-brokered Private Placement
Calgary, Alberta (FSCwire) - Fanlogic Interactive Inc. (TSXV: FLGC) has submitted to the TSX Venture Exchange a non-brokered private placement of 1,816,666 Common Shares at $0.30 per Unit for total gross proceeds of $545,000 for final acceptance. Each Unit consists of one common share and one-half of one common share purchase warrant (“Half Warrant”). Each Whole Warrant will entitle the holder thereof to acquire one additional common share of the Corporation at a price of $0.50 per Common Share for a period of twenty-four (24) months after the issuance of the Warrant, the (“Expiry Date”).
If, at any time after the expiry of the four (4) month hold period applicable to the Common Shares and Warrants comprising the Units, the closing price of the outstanding Common Shares on the Exchange, is greater than $0.75 for a period of 10 consecutive trading days, the Corporation may, at its option, accelerate the Expiry Date by giving notice thereof to all holders of Warrants, and, in such case, the Warrants will expire on the date which is the earlier of: (a) the 30th day after the date on which such written notice is given by the Company; and (b) the Expiry Date.
All securities issued in connection with the Offering will be subject to a hold period of four months and one day from the date of closing. The Offering proceeds are expected to be used for transaction costs, marketing of the Fanlogic brand, new sales staff, and working capital.
Randy Brownell, CEO stated: “This private placement was done for strategic reasons to bring in Pro-active investors that understand our business model and the opportunity to build shareholder value going forward.” The proceeds are expected to be used for transaction costs, marketing of the FanLogic brand, new sales staff, and working capital.
FanLogic’s digital lead and sales generation success is driven through its proprietary peer to peer referral based contests, loyalty programs and incentives, coupons, sweepstakes, charitable initiatives, branded games, 50/50 lotteries and charity draws, and social daily fantasy sports and entertainment contests.
FanLogic is a market leading digital promotions software company, and creator of the FanLogic Connect platform. FanLogic Connect provides brands and agencies the ability to create unforgettable social campaigns through unique gamification techniques. FanLogic Connect grants clients the ability to monetize their social media following, and grow their existing audience while gathering highly valuable demographic and behavioral information.
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Certain information set forth in this news release contains forward-looking statements or information (“forward-looking statements”), including details about the business of the Corporation and the use of proceeds from the Offering. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although the Corporation believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Corporation does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Neither the 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 press release.
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Source: FanLogic Interactive Inc. (TSX Venture:FLGC, OTCQB:FNNGF, FWB:0BJN)
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