Plurilock to foster spread of behavioral biometrics with $1.6M from new private placement
Plurilock has announced the closure of its second non-brokered private placement to fund general corporate purposes and to grow the market reach of its behavioral biometrics.
With the move, Plurilock issued 3,326,004 units at a subscription price of C$0.48 (US$0.38) per Unit, for aggregate gross proceeds of approximately C$1.6 million (approximately $1.26 million).
As per the new agreement, each unit consists of one common share of the company and one-half of one common share purchase warrant. In turn, each warrant entitles its holder to acquire one common share for C$0.65 ($0.51). The share price is subject to adjustment in certain circumstances.
The closing of its second non-brokered private placement follows Plurilock’s multi-faceted expansion efforts in 2021.
In January, the company filed a behavioral biometrics patent for continuous remote worker authentication. It also signed a reseller agreement with network engineering provider X10 Networks and started selling its stocks on the OTCQB Venture Market.
More recently, Plurilock announced it raised approximately $2.5 million in its previous non-brokered private placement and published new guidelines to address online security incidents with behavioral biometrics.
“We are pleased to see increased institutional support in these past financings as they highlight the high level of interest and confidence the investment community has in Plurilock and the cybersecurity industry,” commented Plurilock CEO Ian L. Paterson.
“With over $5.1 million in gross proceeds raised, we are now in a position to deploy our resources into key growth initiatives while advancing our M&A strategy in order to establish a stronger footprint in the fragmented North American cybersecurity industry.”
Plurilock now DTC eligible
Plurilock announced today it has received approval from the Depository Trust Company (DTC) to make their shares eligible on the OTC, allowing U.S. investors to settle trades seamlessly under the ticker “PLCKF”.
“We are excited to announce we are now DTC eligible and are in a position to provide U.S. investors a broader access to our shares,” says CEO Paterson. “As a publicly listed cybersecurity company with U.S.-based customers, we have made it a focus to expand our investor awareness efforts in the American market while we look to share our vision with a growing shareholder base globally.”