Engagement Labs Completes $ 8 Million Financing
TORONTO, ONTARIO--(Marketwired - March 19, 2015) - Engagement Labs Inc. (TSX VENTURE:EL) announced today that it has closed a $ 8 million financing by way of a private placement of $0.50 Units with Cormark Securities Inc. acting as Bookrunner and Lead Agent and including Beacon Securities Limited and Paradigm Capital Inc. as co-Agents, with First Republic Capital Corporation and PowerOne Capital Markets Limited being the primary participants in the selling group.
The Offering is comprised of approximately 16,000,000 Units at a subscription price of $0.50 per Unit, each Unit consisting of one common share and one-half of one common share purchase warrant, each whole warrant exercisable into one common share of the Company at a price of $0.75 per share for two years following closing. Aggregate compensation payable to the Agents (including any members of the selling group) consisted of cash commission equal to up to eight percent of the Offering plus brokers' compensation warrants equal in number to up to eight per cent of the number of brokered Units issued exercisable into Units at a price of $0.50 per Unit for a period of twenty-four months from Closing. Use of proceeds is for general working capital.
Bryan Segal, CEO of Engagement Labs, said: "We are pleased with the support we have received from investors in Canada and the United States. This working capital affords us the opportunity to rapidly market eValue - our proprietary industry leading social media marketing scoring metric."
About Engagement Labs
Engagement Labs' eValue™ Score is the global benchmark for social media scoring. eValue Analytics Pro, an enterprise-grade social media analytics platform, scores brands between 1-100. eValue measures brands' social media and digital marketing efforts. It's composed of a series of metrics and KPIs, among them: Engagement, Responsiveness and Impact, benchmarked against 75,000+ handpicked and verified brands.
Engagement Labs (TSX VENTURE:EL) offers intelligent social data, analytics and insights for organizations that are actively engaging on social networks. Offered as a SaaS or through an API, the eValue™ analytics platform allows brands to measure and maximize the effectiveness of their social media marketing campaigns, as well as measure that of their competitors across major social networks Facebook, Twitter and YouTube. Engagement Labs maintains offices in Montreal, Toronto and Paris. www.engagementlabs.com / www.eValueanalytics.com.