Plurilock announces $2.5 million private placement funding round

Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) announced a non-brokered private placement to raise up to $2.5 million through the sale of 25 million special warrants at $0.10 each.

Each special warrant will automatically convert into one common share of the Vancouver-based cybersecurity company. The conversion will occur on the earlier of three business days following the filing of a prospectus supplement or four months and one day after the offering closes.

The company plans to file the prospectus supplement within 60 days of closing, though it provided no assurance that filing will occur before the statutory four-month hold period expires.

Plurilock may pay finder's fees of 8% in cash and issue finder's warrants equal to 8% of the special warrants sold. The finder's warrants will be exercisable at $0.10 per share for 18 months.

The company stated it intends to use net proceeds to advance its Critical Services capabilities in defense and commercial markets, continue development of its AI-native cyber resilience platform, and for general working capital.

The offering requires approval from the TSX Venture Exchange and is subject to customary closing conditions. The special warrants will be issued under exemptions from Canadian securities laws, including accredited investor and $150,000 minimum investment exemptions.

Company insiders may participate in the offering, which would constitute a related party transaction under securities regulations. Plurilock is relying on exemptions from formal valuation and minority shareholder approval requirements as the transaction value involving interested parties does not exceed 25% of the company's market capitalization.

The securities will be subject to a four-month hold period from closing, in addition to other applicable legal restrictions.

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