Victoria-based Plurilock Security Inc. (PLUR.V) has successfully closed the second and last tranche of its non-brokered private placement. A total of 6,499,688 units were sold at a cost of 14.5 cents per unit, yielding gross proceeds of approximately $942,454.76. Combining the proceeds from both tranches, the firm has raised around $1,646,805.
Each unit comprises one common share in the company’s capital and one common share purchase warrant, with each warrant enabling the holder to acquire an additional share at a cost of 20 cents per warrant share within a 48-month period from the closing date. This duration, however, is subject to adjustment based on the volume-weighted average closing price of the shares over any 10 consecutive trading days.
Plurilock also paid $28,173.60 to arm’s-length finders and issued an additional 194,300 warrants, representing 7% of the proceeds from purchasers brought in by the finders. These finders have the ability to acquire common shares at 14.5 cents per share for a period of 48 months from the issuance date.
The company plans to use the funds raised for general corporate needs and market awareness advertising. 5,337,772 of the units issued in the private placement have been issued as per the listed issuer financing exemption, which means they will not be subject to a hold period under Canadian securities laws.
Additionally, Plurilock will issue shares worth $75,537 to holders of the debentures to address interest payments on outstanding debentures. The issuance of these shares is contingent upon several conditions, including necessary corporate and regulatory approvals.
The company has also declared its intention to adjust the exercise price of some common share purchase warrants and the conversion price of the debentures. The exercise price of 765,000 existing warrants will be changed from 40 cents per share to 20 cents, and 12,536,538 existing warrants will see their exercise price drop from 25 cents per share to 20 cents. The conversion price for $1.53-million worth of debentures will be modified from 28.5 cents per share to 20 cents. These amendments are subject to TSX Venture Exchange’s approval.
Plurilock is a leading cybersecurity firm offering advanced IT solutions to commercial and government customers worldwide. The company uses patented real-time identity confirmation technology and sophisticated AI to deliver next-gen cybersecurity. Its range of products and services empower teams globally to securely work remotely.
