MONTREAL, QUEBEC--(Marketwired - June 26, 2014) - Engagement Labs Inc. (TSX VENTURE:EL) (the "Corporation") announces that it has agreed to a shares for debt settlement transaction with one of its service providers (the "Creditor"), pursuant to which the Corporation will issue 325,000 common shares (the "Shares") and pay the Creditor an amount of $8,000 to settle an outstanding debt in the amount of $351,690.77 for legal services rendered to the Corporation (the "Transaction"). The closing trading price of the Shares on June 26, 2014 was ($0.55). As part of the Transaction, the Corporation has agreed to pay the Creditor an additional aggregate sum of up to $100,000 conditional upon the Corporation completing one or more transactions, each for gross cumulative proceeds of a minimum of $500,000, by way of equity financing, debt financing, sale of assets or any form of business combination, merger or amalgamation resulting in the Corporation increasing its cash position.
The Shares to be issued to the Creditor will be subject to a four-month plus one-day hold period from the distribution date, pursuant to securities legislation and the policies of the TSX Venture Exchange (the "TSXV"). The Shares have not been nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States or to an account for the benefit of US persons, absent such registration or an exemption from registration.
The Transaction remains subject to the approval of the TSX Venture Exchange.
About Engagement Labs
Engagement Labs offers real-time, intelligent social media data, analytics and insights for organizations that are actively engaging on social and digital networks. The Company extracts business intelligence from user generated data (BIG DATA) and transforms it into actionable data for corporate clients, brands and social media teams. Engagement Labs created eValue(TM) analytics, an Intelligent Data on Demand platform for agencies, marketing teams and dashboard providers. Offered under SaaS or through an API, eValue(TM) analytics PRO supports the entire social marketing cycle by providing over 250 comprehensive, intelligent metrics to measure social performance and ROI for brands to evaluate and coordinate social media activities across all online channels (social media sites, forums, news and blogs). Engagement Labs is listed on the TSX Venture exchange (TSX VENTURE:EL) and has offices in Montreal, Toronto, Mexico and Paris. www.engagementlabs.com / www.evalueanalytics.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Engagement LabsJulie Bourbonniere, Conversational marketing
Julie.firstname.lastname@example.orgEngagement LabsPaul Allard, CEO
Source: Engagement Labs Inc.