Slyce raises $12M as part of going public RTO transaction
Slyce has raised over $12 million by way of brokered private placement completed by a syndicate of agents led by Canaccord Genuity Corp. and including Salman Partners Inc., Cormark Securities Inc., and Beacon Securities Ltd.
The latest round brings total financing to $27 million by Slyce since its inception in 2011.
Calgary based Slyce develops Slyce technology that enables a retailer’s customer to snap a smartphone picture of any item they find in the real world, or hover over any image online, and be instantly provided with all direct, or close-matching products from the retailer’s Inventory which can be purchased instantly – at the exact moment of consumer impulse.
“The ability to effectively make the entire real-world a showroom has become a compelling proposition for retailers. The key benefit of the Slyce technology, and why it’s being so well received in the market, is it allows for the one click identification of products that are not only inside of the package but for those products that are unpackaged such as a women’s handbag, dress or home décor, ” said Mark Elfenbein, President of Slyce.
On April 21, 2104, Slyce and Oculus Ventures Corporation (TSX-V: OVX.H) entered into a definitive amalgamation agreement to go public on the TSX ventures.
The amalgamation would constitute as a reverse take-over (RTO) transaction which would value Slyce at a deemed price of approximately $27.2 million prior to the closing of the brokered private placement.
Upon closing the RTO, Slyce shareholders, including the subscription receipt subscribers, would hold approximately 84% of the resulting issuer which would continue under Slyce name.