Plurilock Announces Closing of $3 Million Strategic Investment

Core Points - Plurilock Security Inc. has successfully closed a non-brokered private placement of $3,000,000 through the issuance of 3,000 debenture units at $1,000 per unit with a strategic investor [1] - The debenture units consist of 10% unsecured convertible debentures and 4,000 common share purchase warrants, both convertible until October 30, 2028 [2] - The proceeds from the offering will be utilized to accelerate growth initiatives, expand the Critical Services business, and strengthen working capital [4] Financial Details - Each debenture unit includes $1,000 principal amount of 10% unsecured convertible debentures, convertible at a price of $0.23 [2] - The debentures bear interest at a rate of 10% per annum, payable every three months, either in cash or shares [3] - The offering is subject to final approval from the TSX Venture Exchange and has a statutory hold period of four months and one day [5] Company Overview - Plurilock is an AI-native cybersecurity company that addresses complex cyber challenges in critical environments, serving clients including Five-Eyes governments and Global 2000 enterprises [8] - The company aims to deliver operational resilience through its Critical Services division, leveraging proprietary IP and AI-driven methodologies [8] Incentive Plans - The company has granted 100,000 options to an officer at an exercise price of $0.23 per share, with a vesting schedule over five years [7] - Additionally, 1,750,000 restricted share units have been granted to directors, officers, and consultants, with a three-year vesting term [7]