Vancouver, British Columbia--(Newsfile Corp. - April 26, 2024) - Plurilock Security Inc. (TSXV: PLUR) ("Plurilock" or the "Company"), is pleased to announce the closing of private placements previously announced April 3, 2024 and April 11, 2024, totaling in aggregate $5.5 million dollars. Specifically, the Company completed the issuance of 22,500,000 units at a price of $0.20 for gross proceeds of $4.5 Million. Each unit being comprised of a share and a two-year warrant exercisable at $0.25 in the first year and $0.40 in the second year. Finder's fees in cash of $203,315 were paid and 1,016,575 finder's warrants were issued. The Company also completed the issuance of 4,444,443 units at a price of $0.225 for gross proceeds of $1 Million. Each unit being comprised of a share and a two-year warrant exercisable for two years at $0.30. Finder's fees in cash of $35,000 were paid and finder's warrants of 155,555 were issued. All securities issued in both private placements will bear a restriction of four months and a day from the date of closing.
The closing of the private placements are the first steps in the Company's Business Transformation Plan and the reorganization of its capital structure. The proceeds from the placements will be put to work in the business by reducing payables and providing working capital for marketing and development of the companies products and services.
About Plurilock
Plurilock sells Cyber Security solutions to the United States and Canadian Federal Governments along with Global 2000 companies. Through these relationships, Plurilock sells its unique brand of Critical Services - aiding clients with our expertise to defend against, detect, and prevent costly data breaches and cyber-attacks. For more information, visit https://www.plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566
Ali Hakimzadeh
Executive Chairman
ali@sequoiapartners.ca
604.306.5720
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Forward-Looking Statements
This press release may contain certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") related to future events or Plurilock's future business, operations, and financial performance and condition. Forward-looking statements normally contain words like "will", "intend", "anticipate", "could", "should", "may", "might", "expect", "estimate", "forecast", "plan", "potential", "project", "assume", "contemplate", "believe", "shall", "scheduled", and similar terms. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions, and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Plurilock's business. Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, the impact of general economic conditions, and unforeseen events and developments. This list is not exhaustive of the factors that may affect the Company's forward-looking statements. Many of these factors are beyond the control of Plurilock. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof, and Plurilock undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws. Risks and uncertainties about the Company's business are more fully discussed under the heading "Risk Factors" in its most recent Annual Information Form. They are otherwise disclosed in its filings with securities regulatory authorities available on SEDAR at www.sedarplus.ca.
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