Company finalizes $250,000 Convertible Debenture Financing and Change of Auditor
TORONTO, Nov. 2, 2012 /CNW/ – Sprylogics International Corp (TSXV: SPY) (“Sprylogics” or the “Company”) is pleased to announce that it has completed a CAD$250,000 principal amount senior secured convertible debenture (the “Debenture”) financing. The Debenture will bear interest at 12% per annum, mature six months from closing and be convertible at any time prior to maturity into common shares of the Company at $0.10 per common share. The holder of the Debenture has received a general security interest on the Company. The holder of the Debenture has also received 2,500,000 warrants of the Company, each warrant exercisable into a common share of the Company at an exercise price of $0.10 per common share for a period of six months.
“As we ready our product launch and continue to expand our distribution channels, we are pleased to have this interim financing in place with a supportive lender and Advisory Board member,” said Marvin Igelman, Chief Executive Officer. Read More