ePals Corporation

ePals Corporation

April 24, 2012 15:26 ET

ePals Corporation Completes Second Tranche of C$10M Brokered Private Placement

WASHINGTON, DISTRICT OF COLUMBIA--(Marketwire - April 24, 2012) -


ePals Corporation (TSX VENTURE:SLN) ("ePals" or the "Company"), announced that it has completed the second and final tranche of its previously announced best efforts private placement raising additional gross proceeds of Cdn$1,345,711.84 through the issuance of an additional 3,282,224 voting common shares of the Company (the "Shares") at a purchase price of Cdn$0.41 per Share.

In total, the Company issued 24,390,000 Shares pursuant to this offering (the "Offering") for gross proceeds of approximately Cdn$10,000,000. Company insiders subscribed for approximately Cdn$2,000,000 of Shares and approximately Cdn$5,400,000 of the gross proceeds came from investors located outside of Canada. The Shares issued pursuant to the Offering are subject to a four month hold period commencing on the closing date(s) of the Offering. The Offering was conducted through a syndicate of agents led by Cormark Securities Inc.

The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available. After giving effect to the Offering, the Company has 92,001,039 Voting Common Shares and 49,144,586 Restricted Voting Common Shares outstanding.

About ePals Corporation

ePals Corporation (TSX VENTURE:SLN) is an education media company and the leading provider of safe social learning networks. Focused on the K-12 market, ePals offers elementary and secondary school administrators, teachers, students and parents worldwide a safe and secure platform for building educational communities, providing quality digital content and facilitating collaboration for effective 21st century learning. ePals' award-winning products include: the ePals Global Community™; SchoolMail®365; LearningSpace®; In2Books®, a common core eMentoring program that builds reading, writing and critical thinking skills; and popular children's educational publishing brands including Cricket® and Cobblestone®. ePals customers and partners include the International Baccalaureate, Microsoft Corporation, Dell Inc., IBM Corp., National Geographic and leading school districts across the United States and globally. ePals serves approximately 800,000 educators and reaches millions of teachers, students and parents in approximately 200 countries and territories. For the ePals Global Community, visit www.epals.com. Corporate information is available at www.corp.epals.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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