SoLVBL Solutions Inc said it has closed a second private placement of company units in as many weeks.
A total of 13,333,333 units priced $0.075 each were issued for gross proceeds of $1 million. The private placement was led by Research Capital Corporation, which served as sole agent and sole bookrunner.
On July 23, SoLVBL reported the closing of an upsized private placement which brought in $3 million, together with the closing of Friday's $1 million placement SoLVBL has now raised proceeds of $4 million.
READ: SoLVBL Solutions closes $3M upsized brokered private placement
According to the statement, each unit of the current placement consists of one common share and one share purchase warrant, exercisable for a share priced at $0.12 for 24 months.
"On behalf of SoLVBL, we are excited to be closing on a second private placement indicating strong investor demand and support for SoLVBL's product solution targeting the cybersecurity market,” Ray Pomroy, CEO of SoLVBL said in the statment.
He went on to say: “Q by SoLVBL combats digital fraud with proprietary data authentication for enhanced data security and privacy. The total gross proceeds of $4 million from the first and second private placement will accelerate the implementation of Q by SoLVBL.”
Company director, Alan Rootenberg, acquired 800,000 units during the placement, and holds a total of 1.8 million shares, or 1.18% of all issued and outstanding shares.
As part of the arrangement Research Capital Corporation received a cash payment of $61,280 and 817,067 non-transferable compensation options. Valid for 24 months, each compensation option entitles the holder to purchase one unit.
SoLVBL plans to use the net proceeds as working capital and for general corporate purposes.
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