Plurilock Security Inc. (TSX-V:PLUR) has announced a non-brokered private placement of up to 7,142,857 units of the company at a price of $0.14 per unit for aggregate gross proceeds of up to $1 million.
The company added that, at its sole discretion, it may increase the size of the offering to up to 10,714,285 units, in which case the aggregate gross proceeds to the company would be up to $1.5 million.
The company said it intends to use the proceeds raised from the offering for general corporate purposes.
Each unit in the private placement will be comprised of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional share at a price of $0.25 per warrant share for a period of 24 months from the closing date of the offering.
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Plurilock noted that the offering may close in tranches. The first tranche of the offering is expected to close on or around December 13, 2022. The offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange.
In connection with the offering, the company said it may pay certain finders a cash commission equal to 7% of the aggregate gross proceeds raised from those purchasers introduced by such finder and/or issue such finder such number of non-transferable share purchase warrants equal to 7% of the total number of units sold to investors introduced by such finder, which provide that such finder may acquire common shares of the company at $0.14 per finder’s warrant share for a period of 24 months from the date of issuance.
The offering is being completed under the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions and therefore the securities issued in the offering will not be subject to a hold period in accordance with applicable Canadian securities laws.
The securities issued pursuant to the offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, US persons in the absence of US registration or an applicable exemption from the US registration requirements.
Plurilock provides identity-centric cybersecurity for today's workforces. The Plurilock family of companies enables organizations to operate safely and securely while reducing cybersecurity friction. Plurilock offers world-class IT and cybersecurity solutions through its Solutions Division, paired with proprietary, AI-driven and cloud-friendly security through its Technology Division.
Contact the author at jon.hopkins@proactiveinvestors.com