Mr. Randy Brownell reports
FANLOGIC INTERACTIVE INC. ANNOUNCES CLOSE OF A NON-BROKERED PRIVATE PLACEMENT
Fanlogic Interactive Inc. has submitted to the TSX Venture Exchange a non-brokered private placement of 916,666 units at 15.5 cents per unit (12 U.S. cents) for total gross proceeds of $142,083 ($110,000 (U.S.)) for final acceptance. Each unit will be composed of one Fanlogic share and one Fanlogic share purchase warrant. Each warrant will entitle the holder thereof to purchase one Fanlogic share at a price of 23.5 cents (18 U.S. cents) per share at any time prior to 4:30 p.m. Calgary time on the date that is 24 months from the closing date. This transaction is subject to final exchange acceptance, and the common shares will bear the appropriate restrictive trading restrictions.
Randy Brownell, chief executive officer, stated, "This private placement was done for strategic reasons to bring in pro-active 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 is driving the next evolution in brand awareness and consumer loyalty utilizing artificial intelligence, data analytics and gamification. Fanlogic is a brand referral platform used to drive leads and increase brand engagement. 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 the creator of the Fanlogic Connect platform.
We seek Safe Harbor.
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