Engagement Labs Provides Update on Proposed Financing
TORONTO, Ontario – May 19, 2016 - Engagement Labs Inc. (TSXV: EL) is pleased to advise that its previously announced financing is scheduled to close on Tuesday, May 24, 2016. Approximately 8,700,000 Units will be issued at $0.23 per Unit, each Unit comprised of one common share and one common share purchase warrant exercisable at $0.35 per share for a two year period from closing.
Closing of the financing was subject to approval of an extension of the Maturity Date on the Company’s outstanding Convertible Debentures, which condition has been satisfied. Holders of more than 90% of the outstanding Convertible Debentures approved in writing the extension of the Maturity Date of the Debentures from December 31, 2016 until June 30, 2018 and a reduction of the conversion price which is being reduced from $0.35 to $0.255 per share. Given that the requisite 90% written approval was received, the Company has cancelled its previously announced Debentureholders’ meeting which is no longer necessary.
About Engagement Labs
Engagement Labs (TSXV: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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Disclaimer in regards to Forward-looking Statements
Certain statements included herein constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Except as required by law, Engagement Labs does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
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.
For media inquiries please contact:
Marketing Director – Engagement Labs
647-776-4100 ex 214