Plurilock Security Inc. (CVE:PLUR) (OTCQB:PLCKF) on Friday announced the closing of its previously announced second non-brokered private placement consisting of the issuance of 3,326,004 unitsc at a subscription price of $0.48 each, for aggregate gross proceeds of approximately $1.6 million.
The company, an innovative cybersecurity company that provides frictionless and continuous authentication, said it intends to use the net proceeds of the offering for general corporate requirements to further pursue its growth initiatives.
"We are pleased to see increased institutional support in these past financings as they highlight the high level of interest and confidence the investment community has in Plurilock and the cybersecurity industry," said Ian L. Paterson, CEO of Plurilock Security in a statement. "With over $5.1 million in gross proceeds raised, we are now in a position to deploy our resources into key growth initiatives while advancing our M&A strategy in order to establish a stronger footprint in the fragmented North American cybersecurity industry."
READ: Plurilock Security is locked in to rapid organic and M&A growth
Each unit in the offering consisted of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire, on payment of C$0.65 to the company, one common share, subject to adjustment in certain circumstances, until February 26, 2023.
The securities issued under the offering are subject to a hold period of four months, expiring June 27, 2021.
In connection with the offering, the company paid certain eligible persons: a cash commission in the aggregate of approximately $44,365; and an aggregate of 92,427 broker warrants. Each broker warrant is exercisable into one common share at a price of $0.65 each until February 26, 2023.
In a separate statement on Monday, Plurilock Security also announced that it has received approval from the Depository Trust Company (DTC) to make their shares eligible on the OTC, allowing United States investors to clear their trades seamlessly.
"We are excited to announce we are now DTC eligible and are in a position to provide US investors a broader access to our shares," commented Paterson. "As a publicly listed cybersecurity company with U.S.-based customers, we have made it a focus to expand our investor awareness efforts in the American market while we look to share our vision with a growing shareholder base globally."
Plurilock Security's software leverages state-of-the-art behavioral-biometric, environmental, and contextual technologies to provide invisible, adaptive, and risk-based authentication solutions with the lowest possible cost and complexity. Plurilock enables organizations to compute safely-and with peace of mind.
Contact the author at jon.hopkins@proactiveinvestors.com