Plurilock Security Inc. (TSX-V:PLUR) told investors it has closed the first tranche of its previously announced non-brokered private placement for aggregate gross proceeds of $704,350.26.
The company sold 4,857,588 units at 14.5 cents per unit, with each unit consisting of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional share for $0.20 per warrant share for 48 months from the closing date of the offering, subject to an acceleration clause.
In connection with the placement, the company paid to arm's length finders an aggregate of $31,907.77 and issued an aggregate of 220,054 warrants, representing 7% of the proceeds raised from those purchasers introduced by the finder and 7% of the total number of units sold to investors.
Proceeds raised from the private placement are intended for general corporate purposes and market awareness advertising, the company added.
Market awareness advertising groups
Plurilock also announced it has engaged Native Ads Inc. to provide it with digital media services, vendor management, marketing and data analytics services, and it has budgeted up to US$100,000 for these services over an expected 12-month period.
In addition, it has engaged Global One Media Limited to manage its social media channels, including the distribution of interviews, company news, and other similar services.
The company also hired Outside The Box Capital Inc. to provide marketing services to communicate information about Plurilock to the financial community. The initial term of the engagement is four months, and the agreement may be terminated by either party at any time during that period. It will pay Outside The Box a cash fee of C$70,000 plus applicable taxes, across the term of services.
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 stephen.gunnion@proactiveinvestors.com