Slyce Inc.
TSX VENTURE : SLC

Slyce Inc.

March 11, 2016 08:30 ET

Slyce Inc. Closes Initial $4.5m in Private Placement Financing

TORONTO, ONTARIO--(Marketwired - March 11, 2016) -

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Leading visual search platform Slyce Inc. (TSX VENTURE:SLC) ("Slyce" or the "Company") is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement (the "Private Placement") of up to 70,000,000 units of the Corporation ("Units"), at a price of $0.10 per Unit. The first tranche of the Private Placement involved the issuance of 44,690,669 Units for aggregate gross proceeds of approximately $4,469,067.

Each Unit consists of (i) one common share (a "Common Share") of the Company; (ii) one‐half (1/2) warrant, with each whole warrant entitling the holder to purchase a Common Share for a period of three (3) years from the closing date of the Private Placement (the "Closing Date"), at an exercise price of CDN$0.12 per Common Share; and (iii) one‐half (1/2) warrant, with each whole warrant entitling the holder to purchase a Common Share for a period of four (4) years from the Closing Date, at an exercise price of CDN$0.20 per Common Share. The Private Placement is subject to the final approval of the TSX Venture Exchange.

The remainder of the Private Placement of up to $7 million is expected to close over the course of the next 30 days. This will be based on the fulfillment of certain criteria as outlined by the lead investor (the "Lead Investor"), which includes, but is not limited to, certain participation by management in the Private Placement, cost reductions across the Company and the implementation of an updated financial model that provides clear visibility on cash flow. The Slyce board of directors is in agreement on the implementation of each of the currently proposed criteria noting that work had already been underway on these initiatives for some time, in particular on the cost reductions.

To date, the Lead Investor has subscribed for an aggregate of 35 million Units of the Corporation, and has the right to subscribe for an additional 15 million Units, subject to the regulatory approvals of the TSX Venture Exchange. All securities to be issued in connection with the Private Placement are subject to a hold period of four months plus a day from the Closing Date, as required under applicable Canadian securities law.

The Corporation intends to use the proceeds from the Private Placement for business development, product development and enhancement and general corporate purposes.

About Slyce Inc.

Slyce, based in Toronto, ON, delivers sophisticated visual search technologies and is currently focused on enabling a powerful sales channel for major retailers and their customers. Consumers, wherever they are, can conveniently engage with retailers by taking pictures of desired products using their mobile devices, thereby initiating the visual search service with near-instant product recognition capability. The Company delivers its technology both as a white-label visual search platform and as a suite of consumer mobile apps. Slyce's technology is used by large retail brands such as Neiman Marcus, Tilly's, JCPenney, Urban Outfitters, and Home Depot.

Slyce's business model features multiple revenue streams arising from its visual search platform and consumer apps. The revenue streams include fees for software licensing, integration, purchase transactions, and program promotions.

For image download and further Company information please click for the Slyce Media Kit

READER ADVISORY

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.

Statements in this press release contain forward-looking information including, without limitation, Slyce's business plan, strategy and related milestones, Slyce's suggestions of future outcomes, the future use and development of its technology, future customers and business partners. The words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Slyce.

Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Slyce.

Slyce does not undertake any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.

None of the information contained on, or connected to, Slyce's website is incorporated by reference herein.

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