Sprylogics Announces $600,000 Private Placement

Sprylogics International Corp. announced today that it has entered into a term sheet with respect to a private placement offering (“private placement”) of 17,142,857 common shares at $0.035 per share for gross proceeds of approximately $600,000.

Subject to completing its due diligence by the subscriber, 1st closing 5,714,285 common shares for gross proceeds of $200,000 is expected to occur within the next two weeks. The balance of the offering will be completed upon Sprylogics receiving the requisite shareholder approval, which is expected to occur in the next 90 days.

Proceeds of private placement will be used to fund general working capital purposes.
http://www.techfinance.ca/modules/otnews/otnews.php?tnid=1241&tnd=20090527

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