Plymouth, Massachusetts--(Newsfile Corp. - August 9, 2021) - Plymouth Rock Technologies Inc. (CSE: PRT) (OTC: PLRTF) (FSE: 4XA) (WKN# A2N8RH) ("Plymouth Rock", "PRT", or the "Company"), a leader in developing threat detection and unmanned technologies, today announced it has completed its previously announced non-brokered private placement by the issuance of 5,750,000 units (the "Units") at a price of $0.40 per Unit for aggregate gross proceeds of $2,300,000.00 (the "Offering"). Each Unit is comprised of one (1) common share and one (1) common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.50 for five (5) years from closing of the Offering.
The Company announced a financing of 5,000,000 Units for aggregate gross proceeds of $2,000,000.00 on June 7, 2021. Due to strong demand, the financing was oversubscribed.
Finders' fees in the aggregate of $63,700.00 and 325,500 finders' b-warrants were paid on a portion of the Offering. Each finder's b-warrant entitles the holder to purchase one additional common share at a price of $0.50 for five (5) years from closing of the Offering. In addition, 166,250 Units (the "Finder's Units") were issued to a finder in lieu of finders fees.
The Units, Finders Units, common shares, share purchase warrants, finders' b-warrants and shares issued upon exercise of the share purchase warrants and / or the finders' b-warrants are subject to a four month hold period, expiring December 9, 2021.
The net proceeds of the private placement will be used for the Tetra Drones acquisition cost, ongoing research and development and for the commercialization of PRT's technologies, and for working general capital.
About Plymouth Rock Technologies Inc.
We are on a mission to bring engineering-driven answers to the most critical problems that threaten our safety. We work with government, law enforcement and military to innovate solutions for national security, defense and space systems.
The Company is developing the next generation of threat detection solutions and Unmanned Aircraft Systems (UAS).
The PRT X1 is a purpose-built multirotor UAS, utilizing Artificial Intelligence, cutting-edge sensors and the latest FLIR dual-camera module as standard, offering thermal capabilities alongside 1080p HD real-time air-to-ground streaming and 4K video recording, with the ability to mount multiple, various sensors, modules and payloads.
Our advanced threat detection methods fuse artificial intelligence with augmented reality interfaces to eliminate human operating error. Plymouth Rock products, both airborne and land-based, will scan for threat items at greater 'stand-off' distances than current existing technologies. Our unique radar imaging and signal processing technology creates new opportunities for remotely operated, non-intrusive screening of crowds in real time.
Plymouth Rock's core technologies include: (1) UAS platforms engineered to conform to H.R.4753 - Drone Origin Security Enhancement Act ("X1") ("XV"); (2) Millimeter Remote Imaging from Airborne Drone ("MIRIAD"); (3) A compact microwave radar system for scanning shoe's ("Shoe Scanner"); (4) A compact modular radar utilized for a variety of applications, from aircraft to weapon detection ("CODA").