Slyce Inc. Terminates Short-Form Prospectus Offering, Announces Private Placement Financing and Change in Board of Directors

TORONTO, ONTARIO--(Marketwired - Feb. 10, 2016) -

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Visual product search platform Slyce Inc. (TSX VENTURE:SLC) ("Slyce" or the "Corporation") announces that it has elected not to proceed with its public offering of the units of the Corporation (the "Offering"). The financing was previously disclosed in the Corporation's press release dated December 1, 2015.

The Corporation is pleased to announce its plans to raise up to $7,000,000 through a 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. Each Unit consists of (i) one common share (a "Common Share") of the Corporation; (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 Lead Investor has the right to subscribe for up to $5 million in Units, subject to the regulatory approvals of the TSX Venture Exchange. In advance and as part of the Private Placement, the lead investor (the "Lead Investor") has subscribed for an aggregate of $1.6 million in 6% interest bearing unsecured promissory notes (the "Notes") of the Corporation, which Notes shall be converted as a subscription for Units pursuant to the terms under the Private Placement. Closing of the first $1.6 million of the Private Placement is expected on or before February 12, 2016. Closing may occur in one or more tranches with the remaining funds anticipated to close by the end of February 2016. The 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 laws.