Plurilock Security Inc. (TSX-V:PLUR) said it has closed the second tranche of its previously announced non-brokered private placement financing and announced that it is increasing the offering from $1.5 million to $2.5 million.
The company said the second tranche consisted of 2,447,022 units of the company at a price of $0.14 per unit, for aggregate gross proceeds of $342,583.08, bringing the aggregate gross proceeds of the offering raised so far to $1,556,120.30.
Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of $0.25 each until December 30, 2024.
The company has said it intends to use the proceeds raised from the offering for general corporate purposes, and it expects to close one or more additional tranches of the offering.
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In connection with the second tranche, the company said it paid arm's length finders an aggregate of $16,461.20 and issued an aggregate of 117,580 warrants, representing 7% of the proceeds raised from those purchasers introduced by such finder and 7% of the total number of units sold to investors introduced by such finder. Each finder's warrant provides that such finder may acquire common shares of the company at a price of $0.14 each until December 30, 2024.
The second tranche was 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 are not be subject to a hold period in accordance with applicable Canadian securities laws.
The securities issued under 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.
The company 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