SoLVBL Solutions Inc said due to oversubscribed investor demand it has upsized and closed its previously announced brokered private placement for $3 million.
The company issued 50 million units priced at $0.06 each and the private placement was brokered by Research Capital Corporation, who served as both sole agent and bookrunner.
Each unit consists of one common share of SoLVBL Solutions and one common share purchase warrant, exercisable for a period of 24 months in exchange for one common share with a purchase price of $0.12 per warrant share.
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According to the company, proceeds from the placement will be used for working capital and general corporate purposes.
"We are pleased with the oversubscribed investor demand for the private placement,” Ray Pomroy, CEO of SoLVBL said in a statement.
He went on to discuss some of the technologies the company has developed.
“Cybersecurity is an ever-growing threat and we believe our solution, Q by SoLVBL, will combat digital fraud,” said Pomroy. “The use of Q by SoLVBL solves the problem of data authenticity that is not solved today. The proceeds from the private placement will enable the implementation of Q by SoLVBLTM to target the cybersecurity market.”
For its role, Research Capital Corporation received a cash payment of $229,329 and an aggregate of 3,822,154 non-transferable compensation options equal to 8% of the total number of units sold under the private placement.
Additionally, Brenda Brown, a director at SoLVBL acquired beneficial ownership of 16,666 units such that she now holds a total of 16,666 common shares which represent 0.01% of the total number of issued and outstanding common shares after giving effect to the private placement.
As noted, the securities issued related to the private placement are subject to a four-month and one day hold period under applicable securities laws in Canada.
As an innovative cybersecurity company, SoLVBL Solutions is committed to developing a universal standard for establishing digital record authenticity. Its flagship product, Q by SoLVBL, is designed to provide digital record authentication at lightning-fast speed.
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