Fanlogic Interactive Inc. Announces Close of a Non-brokered Private Placement
December 4, 2017
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 Proactive 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.
For more information about FanLogic, visit:
http://FanLogicInteractive.com or http://FanLogicConnect.com
For further information, please contact: