Nubeva Technologies Ltd NBVAF

Nubeva Enters Into $8 Million Equity Facility with Alumina P

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SAN JOSE, Calif.--(BUSINESS WIRE)--Nubeva Technologies Ltd. (TSX-V:NBVA), a developer of decryption software that broadens network traffic security and visibility, has entered into an agreement for a financing facility with Alumina Partners (Ontario) Ltd. (“Alumina”). The Investment Agreement will provide the Company with up to C$8.0 million over a 24-month period to finance its working capital needs as well as accelerate its product road mapRandy Chou, CEO of Nubeva, stated, “Over the past year, Nubeva has been successful in securing several key enterprise customers in cyber-security and network monitoring. This agreement provides us with the additional operating runway necessary to realize significant market traction.”

“We are pleased to support Nubeva as they expand their footprint in critical cybersecurity,” said Adi Nahmani, Alumina’s Managing Member. “As recent events, such as the SolarWinds hack, have underscored, comprehensive network monitoring with persistent audit trail capability is no longer an optional feature for any connected business. Nubeva’s TLS decryption technology, delivered in a comprehensive suite of intuitive, low-overhead cloud services, offers a cost-effective solution to rapidly evolving demands among enterprise users. We look forward to seeing the continued successful deployment of Nubeva’s solutions to new customers this year and beyond.Under the financing facility with Alumina (the “Investment Agreement”) Nubeva, subject to certain customary conditions, may draw down through private placements up to CAD $8,000,000 million in tranches of up to CAD $500,000 each. Each tranche shall be a private placement of units, to be comprised on one common share (“Common Share”) and one-half of a Common Share purchase warrant (“Warrant”). The Warrants may not be exercised prior to the date, which is four months and one day from their date of issuanceEach full Warrant will entitle the holder to purchase one Common Share of the Company at a price of 25% over the Unit price and will have a term of three years. If the volume-weighted average closing price of the Common Shares on the TSX Venture Exchange is equal to or greater than two times the exercise price of the Warrants at any time during which they are eligible for exercise for a period of 20 consecutive trading days, the Company may at its option elect to accelerate the expiry of the Warrants by providing notice (by news release) within ten calendar days following the end of such 20 consecutive trading day period, in which case the Warrants will expire on the date specified in such noticeThere are no standby charges or other upfront fees associated with the Investment Agreement. Each tranche of Units issued under the Investment Agreement will be subject to the acceptance of the TSX Venture Exchange, and the securities issued will be subject to the customary 4-month hold period. The Investment Agreement remains subject to the approval of the TSX Venture Exchange.