WASHINGTON, DC--(Marketwired - Apr 15, 2014) - ePals Corporation (
The Company has extended the Offering, with the approval of the TSX Venture Exchange, to May 8, 2014. The Company intends to use the net proceeds of the Offering for general corporate purposes and working capital. All securities issued pursuant to the Offering are subject to resale restrictions for a period of four months from the closing date of the applicable tranche of the Offering.
"I am particularly pleased that Jean and Steve Case and Ted Leonsis provided this second tranche of the Offering and, along with recent investor GSV Capital and other long-time investors including Mitch Kapor, continue to provide industry expertise, as well as financial support, for the Company as we continue to execute on our plan to be a leading global education media and social learning company," said Katya Andresen, CEO of ePals.
The Company also announces that, subject to final acceptance of the TSX Venture Exchange, the expiry date of outstanding warrants to purchase up to 2,711,311 voting common shares of the Company and up to 33,692,934 restricted voting common shares of the Company, each at a price of C$0.075 per share (collectively, the "2013 Warrants"), has been extended to June 30, 2014. The 2013 Warrants were issued on various dates in the fourth quarter of 2013 pursuant to a non-brokered private placement of the Company and were scheduled to expire on April 30, 2014.
The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from those registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About ePals Corporation
ePals Corporation (
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding the completion of the Offering, the expected use of proceeds of the Offering and the Company's growth plans. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive therefrom. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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