Plurilock closes final tranche of private placement raising $766,000

Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) closed the final tranche of its non-brokered private placement, raising $766,000 through the issuance of 7,660,000 special warrants at $0.10 each, according to a company statement.

The complete offering generated gross proceeds of $3,206,500 through 32,065,000 special warrants. Each special warrant will automatically convert into one common share either three business days after the company files a prospectus supplement or four months and one day after the offering's closing date, whichever occurs first.

The company will attempt to file the prospectus supplement within 60 days of the offering's closing, though no guarantee exists that filing will occur before the statutory four-month hold period expires.

In connection with the final tranche, Plurilock paid $51,680 in finder's fees and issued 316,800 finder's warrants to third parties. These warrants are exercisable at $0.10 per share for 18 months from issuance.

Company insiders purchased 900,000 special warrants in the final tranche for $90,000. The transaction qualifies as a related party transaction under securities regulations, though the company is exempt from formal valuation and minority shareholder approval requirements since the transaction value remains below 25% of market capitalization.

Plurilock plans to use the net proceeds to advance its Critical Services capabilities in defense and commercial markets, continue developing its AI-native cyber resilience platform, and support general working capital needs.

The company also granted 600,000 restricted share units to an officer, with a three-year term and vesting schedule of one-third annually starting one year from the grant date. The offering remains subject to TSX Venture Exchange approval.

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