Plurilock Security Inc said it has closed a $4.6 million bought-deal offering that included a full over-allotment option.
Funds from the offering will go towards working capital, research and development, marketing and general corporate purposes, according to a statement by the Vancouver-based cybersecurity company.
Under the terms of the offering, Plurilock issued 9.2 million shares priced at $0.50. Insiders of the company purchased 80,000 shares.
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"We are pleased to announce the closing of our bought deal financing, led by strong institutional investor demand and insider participation," said Ian L Paterson, CEO of Plurilock in the statement.
Paterson told shareholders that proceeds raised from the offering will help the company to build an identity-centric focused cybersecurity company, and comes on the heels of its recently announced Cloud Codes asset purchase.
“This transaction is in line with our growth through acquisition strategy where we look to scale operations globally by finding assets that are complementary to our current offering,” Paterson added. “We believe this strong show of support from institutional investors and underwriters will not only assist us in locating those assets but accelerate our growth in the coming years."
The offering was led by Leede Jones Gable Inc, and included PI Financial Corp and Paradigm Capital Inc.
Plurilock offers IT and cybersecurity solutions through its Solutions Division, paired with proprietary, AI-driven and cloud-friendly security through its Technology Division.
Contact Angela at angela@proactiveinvestors.com
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