Plurilock Security Inc. (PLUR.V), a global leader in delivering advanced cybersecurity solutions, is making headlines once again. With increasing interest in their innovative technologies, the company has announced an expansion of its non-brokered private placement offering. The maximum amount to be raised has been raised from 3,103,448 units to a range of 3,275,863 units to 4,482,758 units, offering investors an opportunity to participate in the company’s growth. At a price of 14.5 cents per unit, the aggregate gross proceeds are expected to range from at least $625,000 to a maximum of $1 million.
Under the offering, each unit will consist of one common share in the company and one common share purchase warrant. The warrants will enable the holders to acquire additional shares at a price of 20 cents per warrant share for a period of 48 months from the closing date. Moreover, should the share prices meet certain criteria, the company reserves the option to accelerate the expiry of the warrants. The units will be subject to a four-month-and-one-day hold period following the closing date.
The first tranche of the offering is scheduled to close on or around June 16, 2023, pending the fulfillment of certain conditions, including the approval of the TSX Venture Exchange. Plurilock Security Inc. remains optimistic about the successful completion of the offering and the support it will receive from investors.
In addition to the funding expansion, Plurilock has also made waves by securing a significant contract with a Fortune 500 company. The contract, valued at $2.8 million over three years, entails providing cutting-edge cybersecurity solutions, including firewall technologies and the company’s flagship artificial intelligence-driven cybersecurity platform.
Ian L. Paterson, the CEO of Plurilock, expressed his excitement about the collaboration, emphasizing the trust placed in the company by their esteemed customer. He stated, “This contract highlights the trust that our customers place in us both as a provider and as a source of practical cybersecurity expertise. We look forward to contributing to their continued success by providing essential components that are required to strengthen their cyber defenses.”
Plurilock’s commitment to delivering least privilege access management and advanced information technology solutions has garnered recognition across commercial and government sectors worldwide. The company’s industry-leading artificial intelligence and patented real-time identity confirmation technology offer teams the ability to work securely in an increasingly remote work environment.
With the expansion of funding opportunities and a prominent contract with a Fortune 500 company, Plurilock Security Inc. is poised to make significant strides in the cybersecurity landscape. As they continue to pioneer innovative solutions and build partnerships with industry leaders, Plurilock is set to reinforce its position as a global leader in the field. Investors and cybersecurity enthusiasts alike are eagerly watching as the company solidifies its presence in the market and contributes to a safer digital world.