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TORONTO, ONTARIO, Jul 09, 2014 (Marketwired via COMTEX) -- Engagement Labs Inc. (the "Company") is pleased to announce today that it has raised $4.3 million, of which approximately $2.9 million was raised on a brokered best efforts private placement basis (the "Offering") with Industrial Alliance Securities Inc. as Bookrunner and Lead Agent and including PowerOne Capital Markets Inc. as co-Agent.
The Offering was comprised of 8,612,000 Units at a subscription price of $0.50 per Unit, each Unit consisting of one common share and one-half of one common share purchase warrant ("Warrant"), each whole warrant exercisable into one common share of the Company at a price of $0.70 per share until December 31, 2016. Aggregate compensation payable to the Agents (including any members of the selling group) consists of a cash commission equal to eight percent of the Offering plus brokers' compensation warrants equal in number to ten per cent of the number of brokered Units issued exercisable into Units at a price of $0.50 per Unit for a period of twenty-four months from Closing. Use of proceeds is for general working capital. As previously disclosed in a news release on June 27, 2014, the company continues to work towards completing an acquisition during the month of July.
The Company also announces that it has completed the shares for debt settlement transaction, previously announced on June 26, 2014, with one of its service providers pursuant to which the Corporation has issued 325,000 common shares at a deemed price of $0.55 per Share and paid an amount of $8,000 to settle an outstanding debt in the amount of $351,690 for services rendered to the Corporation.
About Engagement Labs
Engagement Labs offers real-time, intelligent social media data, analytics and insights for organizations that are actively engaging on social and digital networks. The Company extracts business intelligence from user generated data (BIG DATA) and transforms it into actionable data for corporate clients, brands and social media teams. Engagement Labs created eValue(TM) analytics, an Intelligent Data on Demand platform for agencies, marketing teams and dashboard providers. Offered under SaaS or through an API, eValue(TM) analytics PRO supports the entire social marketing cycle by providing over 250 comprehensive, intelligent metrics to measure social performance and ROI for brands to evaluate and coordinate social media activities across all online channels (social media sites, forums, news and blogs). Engagement Labs is listed on the TSX Venture exchange (tsx venture:EL) and has offices in Montreal, Toronto and Paris.www.engagementlabs.com / www.evalueanalytics.com
Disclaimer - Safe Harbour Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements. These forward-looking statements relate to the future financial conditions, results of operations, or business of the Corporation. These statements may be current expectations and estimates about the markets in which the Corporation operates and management's beliefs and assumptions regarding these markets. These statements are subject to important risks and uncertainties which are difficult to predict and assumptions which may prove to be inaccurate. The results or events predicted in forward-looking statements may differ materially from actual results or events. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In particular, forward-looking statements do not reflect the potential impact of any merger, acquisitions or other business combinations or divestitures that may be announced or completed after such statements are made.
Neither 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 release.
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