TORONTO, ONTARIO--(Marketwired - Dec. 15, 2015) -
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Visual product search platform Slyce Inc. (TSX VENTURE:SLC) ("Slyce" or the "Corporation") wishes to provide an update as to the anticipated closing date of its previously announced short form prospectus Offering (as defined below).
The Offering is now expected to close the week of December 21, 2015, subject to certain conditions including, but not limited to, the issuance of a receipt by the securities regulatory authorities in the provinces of Ontario, British Columbia and Alberta for a final short form prospectus in connection with the Offering, the final approval of the TSX Venture Exchange and the execution of an agency agreement among Slyce and the Agents.
As previously announced, Slyce filed a preliminary short form prospectus on December 1, 2015 (the "Preliminary Prospectus") with the securities regulatory authorities in the provinces of Ontario, British Columbia and Alberta in connection with a public offering (the "Offering"), on a commercially reasonable efforts basis, of a minimum of 45,000,000 units of the Corporation (each, a "Unit") and a maximum of 67,500,000 Units at a price of CDN$0.20 per Unit (the "Offering Price") for minimum aggregate gross proceeds of approximately CDN$9,000,000 and maximum aggregate gross proceeds of approximately CDN$13,500,000 (the "Offering"). Each Unit will consist of one common share of the Corporation (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to acquire an additional Common Share (each, a "Warrant Share") at a price of CDN$0.22 for a period of 60 months following the date of issuance.
The Offering is being made through a syndicate led by Euro Pacific Canada Inc., as Lead Agent and includes Salman Partners Inc. (together with the Lead Agent, the "Agents"). The Agents will receive a cash commission equal to 7.0% of the gross proceeds raised under the Offering. As additional consideration, the Agents will be granted non-transferable broker warrants equal to 7.0% of that number of Units sold. Each broker warrant will be exercisable into one Unit for a period of 60 months from the closing of the Offering at a price of CDN$0.22 per Unit.
Slyce has obtained a receipt for the Preliminary Prospectus from the securities regulatory authorities in the provinces of Ontario, British Columbia and Alberta.
The net proceeds of the Offering will initially be added to the Corporation's working capital and will subsequently be applied to various purposes in furtherance of the Corporation's business plan and for general corporate purposes.
This press release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States, in any province or territory of Canada or in any other jurisdiction. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. There shall be no sale of the securities in any jurisdiction in which an offer to sell, a solicitation of an offer to buy or sale would be unlawful.