Plurilock Security Inc. (TSX-V:PLUR) has announced a second private fundraising round will take place following “overwhelming demand” for last week’s original placement.
Some US$1 million will be raised through the sale of US$0.225 units comprising of a share and 24-month warrant, cybersecurity solutions firm Plurilock said on Thursday.
This comes after the books were closed on the original placement, which raised US$4.5 million through $0.20 units.
Each warrant is worth US$0.30, with the placement being based on discounts after accounting for a proposed 10:1 share consolidation.
Proceeds will be used to reduce payables, provide working capital and to finance Plurilock’s transformation plan.