TORONTO, ON--(Marketwired - June 03, 2016) - Engagement Labs Inc. (TSX VENTURE: EL) announced today that it has closed its $2.3 million private placement with D&D Securities Inc. acting as Bookrunner and Lead Agent and PowerOne Capital Markets Limited acting as Co-Agent for the brokered portion of the financing.
The Offering was comprised of approximately 10,000,000 Units at a subscription price of $0.23 per Unit, each Unit consisting of one common share and one common share purchase warrant, each whole warrant exercisable into one common share of the Company at a price of $0.35 per share for two years following closing. Aggregate compensation payable to the Agents consisted of cash commission equal to up to 7.0% of the Offering plus brokers' compensation warrants equal in number to up to 7.0% of the number of brokered Units issued exercisable into Units at a price of $0.23 per Unit for a period of twenty-four months from Closing. Use of proceeds is for general working capital.
"We are delighted with the support we have received from a number of new high quality investors. This working capital will afford us the opportunity to continue to expand the Engagement Labs business as we prepare to launch our new innovative measurement tool TotalSocial this month. TotalSocial is an industry first measurement solution for brands to fully capitalize on the power of social influence through the measurement of both offline word of mouth conversation and online, social media conversation," said Bryan Segal, CEO at Engagement Labs.
Segal continued, "No other tool has the capabilities of integrating all consumer conversations about a brand into a single measurable standard -- a TotalSocial score. We are excited to bring our new tool to market and help companies drive business results using a TotalSocial approach."
About Engagement Labs
Engagement Labs (TSX VENTURE: EL) offers intelligent data, analytics and insights for marketers and organizations to track, measure and benchmark the conversations happening around their brand or industry, both online and offline. These conversations are proven to drive critical business outcomes, including sales, while Engagement Labs' tools provide the data and actionable insight to help guide business decisions and power marketing effectiveness.
eValue™ Analytics is the global benchmarking tool for social media scoring. eValue's proprietary data technology offers real-time analysis to measure a brand's social media performance. TalkTrack®, from the Keller Fay Group, an Engagement Labs company, is the only data system to measures the totality of word of mouth -- both online and offline. Engagement Labs maintains offices in Toronto, New Brunswick NJ, Montreal, and London.
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