MISSISSAUGA, ONTARIO -- (MARKET WIRE) -- 04/10/08 -- Empirical Inc. - The Dialogue Architects (TSX VENTURE: EM) (the "Company" or "Empirical") is pleased to announce the closing of its third tranche of a non-brokered private placement of convertible debentures (the "Convertible Debentures") which raised gross proceeds of $215,000 on this tranche. As the offering documents contemplate raising gross proceeds of up to $1.25 million, the Company intends to continue to raise additional proceeds and close one or more further tranches over the next several weeks. The Company intends to use the proceeds raised from this transaction for a number of purposes, including funding its future working capital requirements.The terms of the Convertible Debentures are set out in the press release of March 12, 2008.
A commission of 8% of the gross proceeds raised was paid to eligible registered representatives by way of 5% in cash and 3% in fully paid common shares. The total number of common shares issued as part of the commission on this tranche was 57,000.
In addition, as an update to the Company's press release that was issued on March 12, 2008, the Company has made arrangements with certain secured lenders of the Company to share their security with the debentureholders through an amended and restated inter-lender agreement (the "Inter-Lender Agreement") among such secured lenders, Empirical and the trustee appointed under a trust indenture (the "Trust Indenture") dated as of February 27, 2008 between the Company and the Computershare Trust Company of Canada. The Inter-Lender Agreement provides that all Convertible Debentures issued under the Trust Indenture will rank pari passu with such secured lenders, thus providing security for the Company's obligations to the debentureholders. This shared security applies to all Convertible Debentures issued under this private placement regardless of the tranche that the Convertible Debentures were issued under.
Empirical is a marketing solutions company serving Brands that care about meaningful dialogue with their customers. The Company integrates web technology, data and traditional direct-to-consumer marketing tactics to create dialogue between its clients and their consumers.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Media Relations - Empirical Inc.
Don Cochrane
Office of the President
(905) 670-7000
(905) 670-0844 (FAX)
Investments - Empirical Inc.
David Garland
Office of the President
(905) 670-7000
(905) 670-0844 (FAX)
Email: info@empirical.com
Website: www.empirical.com
