Mr. Bryan Segal reports
ENGAGEMENT LABS COMPLETES $2.3 MILLION FINANCING
Engagement Labs Inc. has closed its $2.3-million private placement with D&D Securities Inc. acting as bookrunner and lead agent and PowerOne Capital Markets Ltd. acting as co-agent for the brokered portion of the financing.
The offering was composed of approximately 10 million units at a subscription price of 23 cents per unit, each unit consisting of one common share and one common share purchase warrant, each whole warrant exercisable into one common share of the company at a price of 35 cents per share for two years following closing. Aggregate compensation payable to the agents consisted of cash commission equal to up to 7.0 per cent of the offering plus brokers' compensation warrants equal in number to up to 7.0 per cent of the number of brokered units issued exercisable into units at a price of 23 cents per unit for a period of 24 months from closing. Use of proceeds is for general working capital.
"We are delighted with the support we have received from a number of new high-quality investors. This working capital will afford us the opportunity to continue to expand the Engagement Labs business as we prepare to launch our new innovative measurement tool TotalSocial this month. TotalSocial is an industry-first measurement solution for brands to fully capitalize on the power of social influence through the measurement of both off-line word-of-mouth conversation and on-line social media conversation," said Bryan Segal, chief executive officer at Engagement Labs.
Mr. Segal continued: "No other tool has the capabilities of integrating all consumer conversations about a brand into a single measurable standard -- a TotalSocial score. We are excited to bring our new tool to market and help companies drive business results using a TotalSocial approach."