Non-brokered offering to fund product development, corporate purposes
By Devika Patel
Knoxville, Tenn., Feb. 10 – Slyce Inc. said it will raise C$7 million in a non-brokered private placement of units.
The company will sell 70 million units of one common share and two half-share warrants at C$0.10 per unit.
The first whole warrant is exercisable at C$0.12 for three years and the second whole warrant is exercisable at C$0.20 for four years. The warrant strike prices are 33.33% and 122.22% premiums to C$0.09, the Feb. 9 closing share price.
Settlement of the first C$1.6 million tranche is expected Feb. 12.
Proceeds will be used for product development and enhancement purposes, general and administrative expenditures and general corporate purposes.
The company also said that it has elected not to proceed with a public offering of units that was announced on Dec. 1 and that director Kevin Taylor has decided to resign from the board for personal reasons. The public sale of between 45 million and 67.5 million units priced at C$0.20 per unit and was slated to raise between C$9 million and C$13.5 million.
Slyce, based in Toronto, offers a visual product search platform.
| Issuer: | Slyce Inc.
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| Issue: | Units of one common share and two half-share warrants
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| Amount: | C$7 million
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| Units: | 70 million
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| Price: | C$0.10
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| Warrants: | Two half-share warrants per unit
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| Warrant expiration: | Three years, four years
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| Warrant strike price: | C$0.12, C$0.20
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| Agent: | Non-brokered
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| Pricing date: | Feb. 10
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| Settlement date: | Feb. 12 (for C$1.6 million)
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| Stock symbol: | TSX Venture: SLC
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| Stock price: | C$0.09 at close Feb. 9
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| Market capitalization: | C$11.98 million
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