Fanlogic Interactive Inc. Announces Shares for Debt Issuance and Closing of Bridge Loan
Calgary, Alberta (FSCwire) - Fanlogic Interactive Inc. (the “Corporation”) (TSXV:FLGC) announces that it has approved the settlement of outstanding consulting fees payable to an outside vendor of the Corporation in the amount of US$25,000, through the issuance of an aggregate of 281,045 common shares in the capital of the Corporation (“Common Shares”), at a price of US$0.089 per Common Share. The amount of US$25,000 is payable pursuant to a settlement agreement. The Common Shares are subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.
The issuance of the Common Shares is subject to TSX Venture Exchange final acceptance.
The Corporation has also completed its previously announced loan transaction for USD $150,000 (approximately CDN$190,000)(the “Loan”). The Loan is unsecured and not convertible and has an interest rate of 1.33% per month and is due on May 10, 2018 (“Maturity Date”).
As consideration for the Loan the lender will receive 1,151,515 common share purchase warrants (“Warrants”) expiring on the Maturity Date of the loan. The Warrants are exercisable into common shares at a price of USD$0.20 per Common Share. The securities issued pursuant to Warrants are subject to a statutory four-month hold period from the date of closing. Net proceeds of the Loan will be used for general working capital purposes.
About Fanlogic Interactive Inc.
FanLogic’s digital lead and sales generation success is driven through its proprietary peer to peer referral based contests, loyalty 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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Reader Advisory
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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Fanlogic11102017.pdf Source: FanLogic Interactive Inc. (TSX Venture:FLGC, OTCQB:FNNGF, FWB:0BJN)
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