Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) announced a non-brokered private placement of up to 8,823,530 common shares at C$0.17 per share, seeking aggregate proceeds of up to C$1,500,000.

The Toronto-based cybersecurity company said the offering is expected to close within 30 days. All securities issued will be subject to a hold period of four months and one day from the closing date, in accordance with applicable securities laws and Canadian Securities Exchange policies.

Cybeats said it intends to use the proceeds for sales and marketing and general corporate purposes.

In connection with the placement, the company may pay eligible finders a cash commission of 6% of gross proceeds raised from subscribers they introduce. Finders may also receive non-transferable warrants equal to 6% of the number of common shares sold to their introduced subscribers, with each warrant exercisable at C$0.17 per share for one year from the closing date.