Technology
Thursday, April 4th, 2024 4:13 pm EDT
Key Points
- Private Placement: Plurilock Security Inc. has arranged a private placement offering up to $4.5 million of units at a price of 20 cents per unit. Each unit comprises a share and a full 24-month warrant, exercisable at different prices depending on the timing.
- Debt Settlement: The company will settle debt of up to $500,000 in units (excluding insiders) at a price of $0.20 per unit.
- Convertible Debenture Repricing: Plurilock announces the repricing of $1,520,000 of convertible debentures to $0.25 per share, subject to TSX Venture Exchange approval, and potentially including an inducement for debenture conversion, the terms of which will be determined later.
Plurilock Security Inc. has arranged a private placement of up to $4.5-million of units at a price of 20 cents per unit. Each unit will be comprised of a share and a full 24-month warrant, with each warrant exercisable at a price of $0.25 if exercised within the first 12 months and at a price of $0.40 if exercised during months 13-24 of the 24-month term (the “Units”). The private placement Units are stated in post-consolidation figures and are based on a discounted market price following the 10-1 consolidation.
Additionally, the Company will settle debt of up to $500,000 in Units (except to insiders, who will receive shares only) at a price of $0.20 per Unit.
The Company also announces the repricing conversion price of $1,520,000 of convertible debentures to $0.25 per share based on the post-consolidated market price following the 10-1 consolidation. The convertible debenture repricing is subject to the approval of the TSX Venture Exchange. It is anticipated that the repricing will also include an inducement to exercise the conversion of the debentures, which inducement will be subject to the approval of the TSX Venture Exchange. The terms associated with the inducement will be determined at the effective date of repricing.
Unrelated to the private placement, as part of the cost reduction plan previously announced, Chief Technology Officer Jord Tanner has departed the Company as of March 31st, 2024.
About Plurilock Security Inc.
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.
We seek Safe Harbor.
