February 1, 2017 / 4:15 PM / 9 months ago

BRIEF-SPRIZA MEDIA ENTERS INTO MERGER AGREEMENT TO ACQUIRE FANLOGIC LLC

Feb 1 (Reuters) - Spriza Media Inc

* SPRIZA MEDIA INC. ENTERS INTO MERGER AGREEMENT TO ACQUIRE FANLOGIC LLC, ANNOUNCES PROPOSED NEW CEO AND BOARD MEMBERS, SHARE CONSOLIDATION AND PRIVATE PLACEMENT

* SPRIZA MEDIA INC - UPON COMPLETION OF PROPOSED TRANSACTION, FORMER FANLOGIC SECURITYHOLDERS WILL HOLD APPROXIMATELY 46% OF SPRIZA CONSOLIDATED SHARES

* SPRIZA MEDIA INC - UPON COMPLETION OF PROPOSED TRANSACTION, SPRIZA SHAREHOLDERS WILL HOLD APPROXIMATELY 54% OF SPRIZA CONSOLIDATED SHARES

* SPRIZA MEDIA INC- IN CONNECTION WITH COMPLETION OF PROPOSED TRANSACTION, RANDY H. BROWNELL III AND GRAHAM WEBSTER WILL JOIN BOARD OF DIRECTORS

* SPRIZA MEDIA INC- IN CONNECTION WITH COMPLETION OF PROPOSED TRANSACTION SCOTT SEGUIN AND CHARANJIT HAYRE WILL RESIGN FROM BOARD OF DIRECTORS

* SPRIZA MEDIA INC - CORPORATION INTENDS TO COMPLETE A NON-BROKERED PRIVATE PLACEMENT OF UP TO 16.67 MILLION UNITS AT $0.15 PER UNIT

* SPRIZA MEDIA-WILL CONSOLIDATE COMMON SHARES ON 5:1 BASIS AND ISSUE 19 MILLION POST-CONSOLIDATION SHARES, AT $0.15 FOR $2.9 MILLION TO FANLOGIC SECURITYHOLDERS

* SPRIZA MEDIA INC - OFFERING PROCEEDS ARE EXPECTED TO BE USED FOR TRANSACTION COSTS, MARKETING OF SPRIZA/FANLOGIC BRAND, NEW SALES STAFF

* SPRIZA MEDIA INC- FOLLOWING CLOSING, MANAGEMENT OF CORPORATION WILL BE COMPRISED OF RANDY BROWNELL AS CEO, CHRIS ROBBINS AS CFO

* SPRIZA MEDIA - EACH WARRANT WILL GIVE HOLDER TO ACQUIRE 1 ADDITIONAL CONSOLIDATED SHARE AT PRICE OF $0.50 PER SHARE FOR PERIOD OF 2 YEARS AFTER ISSUANCE Source text for Eikon: Further company coverage:

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