Plurilock Security (PLUR.V), a Canadian company focused on the development of proprietary cybersecurity solutions, announced today that it had commenced a non-brokered $2.5 million CAD private placement of convertible debentures at $1000 per debenture unit.
Each debenture unit will consist of a $1,000 10% unsecured convertible debenture and 500 common share purchase warrants.
Each warrant entitles the bearer to acquire one common share at an exercise price of $0.40 per share for 24 months from the date of issuance.
Warrants in this offering are subject to an accelerated expiry, if anytime following the date of issuance, share price meets or exceeds $0.50 for any 10 consecutive days and if the company decides to notify the holders at this point, the warrant will expire 30 days from the date of such notice.
This offering is expected to close on or about August 5, 2022 and is subject to regulatory approvals from securities regulatory agencies as well as exchange regulatory bodies.
Net proceeds from the transaction are slated to be utilized for Plurilock’s acquisition pipeline as well as for general corporate purposes.
The company’s acquisition pipeline includes CloudCodes Software Private Ltd, pursuant to a definitive asset purchase agreement announced on October 21, 2021.
Cloudcodes is a leading cloud access security broker (CASB) based in India and its acquisition will enable Plurilock to enter the CASB sector with an established global customer base of over 130 clients.
Plurilock also continues to execute non-binding letters of intent with a pipeline of North American cybersecurity solutions providers.
Ian L. Paterson, Plurilock CEO, commented, “Our goals are to accelerate our revenue growth, enhance our gross margins and strengthen our zero-trust technology infrastructure, and enhance our footprint geographically. Since going public, we have sought out attractive acquisition targets that will provide us with tier one cybersecurity customers that we can cross-sell our proprietary solutions to. The Offering will allow us to execute our M&A strategy with a goal of enhancing overall margins and driving towards profitability.”
In other news, the company announced in the middle of June, that its wholly owned subsidiary, Aurora Systems Consulting, had received purchase orders from several organizations in May that totalled $2.01 million USD.
The company noted that all of its contracts and orders since January 1, 2022 to the time of the release totaled approximately $8.7 million in sales.
At the beginning of July, Plurilock also announced that it had received a purchase order from customer service platform provider, Agents Only, for the company’s DEFEND Persisted™ continuous authentication solution.
Currently the company trades at $0.18 CAD per share for a market cap of $13.23 million.
–Gaalen Engen