Technology
Monday, July 8th, 2024 4:59 pm EDT
Key Points
- Change of Auditor: Effective July 2, 2024, Forvis Mazars LLP resigned as auditor of Plurilock Security Inc., and MNP LLP was appointed as the successor. There were no reservations in the audit reports from the former auditor.
- Convertible Debenture Inducement Program: From May 27, 2024, to June 26, 2024, $1.07 million in 10% unsecured convertible debentures were converted into 4.28 million common shares, with debentureholders receiving one new warrant for each converted share. A principal amount of $450,000 in debentures remains outstanding.
- Investor Relations Agreement Clarifications: Plurilock clarified the terms with Social Network Effect Communications, including payments of $100,000 as a deposit and the remainder upon TSX Venture Exchange approval. The agreement runs until November 30, 2024, and the service provider is eligible for options. Additionally, 400,326 shares were issued to board member Ali Hakimzadeh as part of his employment agreement.
Change of auditor
The company announces that effective July 2, 2024, Forvis Mazars LLP, chartered professional accountants, has resigned as auditor of the company, and MNP LLP, chartered professional accountants, of Vancouver, B.C., Canada, has been appointed as the company’s successor auditor.
There were no reservations in the former auditor’s audit reports for any financial period during which the former auditor was the company’s auditor.
Convertible debenture inducement program
Further to the May 23, 2024, news release, an aggregate principal amount $1.07-million 10 per cent unsecured convertible debentures was converted into 4.28 million common shares of the company. The debentureholders who converted their debentures during the inducement period, being from May 27, 2024, to June 26, 2024, and submitted their previously issued common share purchase warrants for cancellation, received one new common share purchase warrant for each debenture share issued on conversion of their respective debentures. Each inducement warrant will entitle the holder thereof to purchase one additional common share of the company for a period of one year at a price of 30 cents. The company issued a total of 4.28 million inducement warrants. An aggregate principal amount of $450,000 in debentures remains outstanding, and the company has issued 74,995 shares at 30 cents per share to settle the interest payment due on June 30, 2024.
Investor relations agreement clarifications
Further to the May 23, 2024, news release, the company wishes to clarify the terms of the campaign agreement with 2501490 Alberta Inc. doing business as Social Network Effect Communications. The company paid the service provider $100,000 (U.S.) as a deposit, and the remaining $300,000 (U.S.) will be paid to the service provider upon receipt of the approval of the TSX Venture Exchange. The remaining $132,272 (U.S.) is payable 30 calendar days following the receipt of the approval of the exchange. The term of the campaign agreement will commence upon exchange approval and will end on Nov. 30, 2024. The service provider is also eligible to receive options of the company, the number and terms of which will be determined by mutual agreement of the company and service provider and in accordance with the policies of the exchange.
The principal of the service provider participated in the company’s most recent private placement, acquiring 1.25 million units. At the request of the exchange, the service provider has sold his interest in the units.
Inducement shares
Further to the April 1, 2024, news release concerning the appointment of Ali Hakimzadeh to the board of directors of the company, the company wishes to issue 400,326 shares at a deemed price of 50 cents per share to Mr. Hakimzadeh pursuant to his executive employment agreement. The shares are subject to a four-month-and-one-day hold period.
About Plurilock Security Inc.
Plurilock sells cybersecurity solutions to the U.S. and Canadian federal governments along with Global 2000 companies. Through these relationships, Plurilock sells its unique brand of critical services — aiding clients with its expertise to defend against, detect and prevent costly data breaches and cyber attacks.
We seek Safe Harbor.
