Plurilock Security Inc. (TSX-V:PLUR) has said it is increasing the maximum amount to be raised under its previously announced non-brokered private placement due to added interest.
The company has increased the offering from 3,103,448 units to at least 3,275,863 units and a maximum of 4,482,758 units at a price of 14.5 cents per unit, for aggregate gross proceeds of at least $625,000 to a maximum of $1 million.
Each unit will comprise one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional share at a price of 20 cents per warrant share for a period of 48 months from the closing date of the offering, subject to an acceleration clause.
The first tranche of the offering is expected to close on or around June 16, 2023. The units will be subject to a four-month-and-one-day hold period following the closing date.
Contract news
In a separate statement, Plurilock Security also revealed that it has signed a contract for a project to provide cybersecurity solutions to a Fortune 500 company.
The company initially received a US$2.8 million three-year purchase order for firewall solutions and a cross-sale order for its flagship AI-driven cybersecurity platform from the customer as previously announced on October 3, 2022, and May 4, 2023, respectively. Under the terms of the contract, the company will deliver a bundle of industry-leading cybersecurity platforms and capabilities to the customer.
“We are excited to be able to work with a customer of this caliber,” Ian L. Paterson, CEO of Plurilock said in the statement. “This contract highlights the trust that our customers place in us both as a provider and as a source of practical cybersecurity expertise. We look forward to contributing to their continued success by providing essential components that are required to strengthen their cyber defenses.”
With industry-leading artificial intelligence and patented real-time identity confirmation technology, Plurilock combines next-generation cybersecurity with a comprehensive line of products and services that enable teams across North America and the globe to compute safely in a remote work world.
Contact the author at jon.hopkins@proactiveinvestors.com