ePals Completes Second Tranche of Non-Brokered Private Placement
April 15 2014 - 4:36PM
Marketwired
ePals Completes Second Tranche of Non-Brokered Private Placement
Announces Extension of Warrants
WASHINGTON, DC--(Marketwired - Apr 15, 2014) - ePals Corporation
(TSX-VENTURE: SLN) ("ePals" or the "Company") announces that it has
completed the second tranche of its previously announced
non-brokered private placement (the "Offering") and issued
11,058,000 units of the Company (each, a "Unit") at a price of
C$0.075 per Unit for gross proceeds of C$829,350. Each Unit
consists of one restricted voting common share of the Company and
one-third of one restricted voting common share purchase warrant
(each whole warrant, a "2014 Warrant"). Each 2014 Warrant
entitles the holder to purchase one additional restricted voting
common share of the Company at a price of C$0.075 until August 31,
2014. Each restricted voting common share is convertible into one
voting common share at any time at the option of the
holder. The restricted voting common shares are not listed or
posted for trading on the TSX Venture Exchange or any other stock
exchange or marketplace and do not carry the right to vote for the
election of directors of the Company.
The Company has extended the Offering, with the approval of the
TSX Venture Exchange, to May 8, 2014. The Company intends to
use the net proceeds of the Offering for general corporate purposes
and working capital. All securities issued pursuant to the
Offering are subject to resale restrictions for a period of four
months from the closing date of the applicable tranche of the
Offering.
"I am particularly pleased that Jean and Steve Case and Ted
Leonsis provided this second tranche of the Offering and, along
with recent investor GSV Capital and other long-time investors
including Mitch Kapor, continue to provide industry expertise, as
well as financial support, for the Company as we continue to
execute on our plan to be a leading global education media and
social learning company," said Katya Andresen, CEO of ePals.
The Company also announces that, subject to final acceptance of
the TSX Venture Exchange, the expiry date of outstanding warrants
to purchase up to 2,711,311 voting common shares of the Company and
up to 33,692,934 restricted voting common shares of the Company,
each at a price of C$0.075 per share (collectively, the "2013
Warrants"), has been extended to June 30, 2014. The 2013
Warrants were issued on various dates in the fourth quarter of 2013
pursuant to a non-brokered private placement of the Company and
were scheduled to expire on April 30, 2014.
The securities described herein have not been and will not be
registered under the U.S. Securities Act of 1933, as
amended, or any state securities laws and may not be offered or
sold in the United States absent registration or an applicable
exemption from those registration requirements. This press release
does not constitute an offer to sell or the solicitation of an
offer to buy any securities nor shall there by any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
About ePals Corporation
ePals Corporation (TSX-VENTURE: SLN) is an education media
company that provides award-winning content on a safe and secure
learning network for children, families and teachers across the
world. Cricket Media's 14 popular media brands for toddlers to
teens include Babybug, Ladybug, Cricket® and Cobblestone® with
multiple language editions and apps in English, Spanish and
Chinese. The Company's innovative web-based K12 tools for
school and home include the ePals community and virtual classroom
for global collaboration as well as In2Books®, a Common Core
eMentoring program that builds reading, writing and critical
thinking skills. Cricket Media serves approximately one
million classrooms and millions of teachers, students and parents
in over 200 countries and territories through its platform and
NeuPals, its joint venture with China's leading IT services company
Neusoft. Cricket Media also licenses its content and platform to
top publishing and educational companies worldwide. For more
information, please visit www.Cricketmag.com, www.ePals.com and
www.In2Books.com.
Neither the 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.
Forward Looking Statements
This news release contains statements that may constitute
"forward-looking statements" within the meaning of applicable
Canadian securities legislation. These forward-looking statements
include, among others, statements regarding the completion of the
Offering, the expected use of proceeds of the Offering and the
Company's growth plans. Readers are cautioned not to place undue
reliance on such forward-looking statements. Forward-looking
statements are based on current expectations, estimates and
assumptions that involve a number of risks, which could cause
actual results to vary and in some instances to differ materially
from those anticipated by the Company and described in the
forward-looking statements contained in this press release. No
assurance can be given that any of the events anticipated by the
forward-looking statements will transpire or occur or, if any of
them do so, what benefits the Company will derive therefrom. The
forward-looking statements contained in this news release are made
as at the date of this news release and the Company does not
undertake any obligation to update publicly or to revise any of the
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable
securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT: Aric Holsinger Chief
Financial Officer ePals Corporation Phone: (703) 885-3400
aholsinger@corp.epals.com Cory Pala Investor Relations E.vestor
Phone: (416) 657-2400 cpala@corp.epals.com
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