Business
Plurilock Announces Gross Proceeds of Over $2 Million from Warrant Exercises
Independent Trading Group Engaged as Market Maker, Think Ink Engaged as Marketing Firm Over $2 ...
About this update from Plurilock Security Inc
[{"type":"text","content":"Plurilock Announces Gross Proceeds of Over $2 Million from Warrant ExercisesIndependent Trading Group Engaged as Market Maker, Think Ink Engaged as Marketing FirmOver $2 million in warrant exercises from supportive shareholders add to strong balance sheetWarrant exercises further solidifies Company's balance sheet post $5.5 million raise, which closed in April 2024The Company also has access to a $10.4 million line of creditIndependent Trading Group to create liquidity for TSX Venture Exchange listed sharesVancouver, British Columbia--(Newsfile Corp. - August 28, 2024) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) (\"Plurilock\" or the \"Company\"), a global cybersecurity services and solutions provider, announces that it has closed on exercises of certain warrants to purchase 8,038,946 shares of the Company's common stock at an (average) exercise price of $0.27 per share for gross proceeds of $2,190,949. This transaction follows the closing of Plurilock's private placement of shares in April 2024 for gross proceeds of $5.5 million. \"This $2 million of proceeds from the warrant exercises further strengthens our balance sheet beyond our recent $5.5 million private placement,\" said Ian L. Paterson, CEO of Plurilock. \"We continue to see strength in our pipeline, which should lead to higher gross margin and better financial metrics in future quarters. We have rationalized our cost structure and are driving towards profitability\".Engagement of Independent Trading Group Market MakingPlurilock also announces that it has appointed Independent Trading Group, Inc. (\"ITG\") as a market maker for shares traded on the TSX Venture Exchange (the \"TSXV\") under the ticker \"PLUR\". Under the terms of an agreement dated August 27, 2024, ITG will trade the common shares of Plurilock on the TSXV in compliance with the policies and guidelines of the TSXV and other applicable legislation with the objective of maintaining a reasonable market and improving the liquidity of the common shares of Plurilock. The capital used for the market-making activities will be provided by ITG.Under the terms of the agreement, ITG will receive $6,500 per month, plus applicable taxes and payable monthly in advance. The agreement has an initial term of one month. Thereafter, the agreement will automatically renew for successive one month terms until termin...