ePals Completes Private Placement of Senior Secured

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News Desk 2018

May 31, 2013 at 12:30 PM

ePals Completes Private Placement of Senior Secured Convertible Debentures

TORONTO--(Marketwired - May 31, 2013) - ePals Corporation ( TSX VENTURE : SLN ) ("ePals" or the "Company") is pleased to announce that it has completed the final tranche of its previously announced non-brokered private placement of senior secured convertible debentures (the "Debentures"), issuing Debentures in a principal amount of $1,250,000 to Difference Capital Funding Inc. Pursuant to the private placement, ePals has issued Debentures in an aggregate principal amount of $7,750,000.

The Company intends to use the net proceeds of the offering for general corporate purposes and working capital.

The definitive terms and conditions of the Debentures are set forth in the trust indenture (the "Indenture") dated March 20, 2013 between the Company and Olympia Transfer Services Inc., as trustee, a copy of which will be available under the Company's SEDAR profile at www.sedar.com . The description of the Debentures in this press release is qualified in its entirety by the terms and conditions of the Debentures as set out in the Indenture.

The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States unless registered under the U.S. Securities Act or unless an exemption from registration is available.

About ePals Corporation

ePals Corporation ( TSX VENTURE : SLN ) is an education media company and the leading Global Learning Network. Focused on the K-12 market, ePals offers elementary and secondary school administrators, teachers, students and parents worldwide a safe and secure platform for building educational communities, providing quality digital content and facilitating collaboration for effective 21st century learning. ePals' award-winning products include: the ePals Global Community^® ; Learn365^™ ; In2Books^® , a common core eMentoring program that builds reading, writing and critical thinking skills; and popular children's media brands including Cricket^® and Cobblestone^® . ePals customers and partners include the International Baccalaureate, Microsoft Corporation, Dell Inc., National Geographic and leading school districts across the United States and globally. ePals serves approximately 1 million classrooms and reaches millions of teachers, students and parents in approximately 200 countries and territories. Corporate information is available at www.corp.epals.com .

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding the expected use of proceeds of the private placement. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive therefrom. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

FOR FURTHER INFORMATION PLEASE CONTACT: Aric Holsinger Chief Financial Officer ePals Corporation Phone: (703) 885-3400 aholsinger@corp.epals.com Cory Pala Investor Relations E.vestor Phone: (416) 657-2400 cpala@corp.epals.com

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