Plurilock Security Solutions, Inc. (“Plurilock”) today announced that it has raised approximately CAD $1 million in bridge financing in a non-brokered private placement. The raise comes ahead of a pending reverse takeover (RTO) transaction with Libby K Industries, Inc., who successfully completed an initial public offering (IPO) on the TSX Venture Exchange (TSX-V:LBB.P) in 2019.
Last month, the two companies entered into a non-binding letter of intent to complete the public listing transaction, with a non-brokered private placement of CAD $800,000 expected as a component of pre-transaction financing. Once the transaction is completed, Plurilock will conduct business as a public issuer on the TSX-V.
The approximately CAD $1 million raise exceeds the initially targeted CAD $800,000 total, with the oversubscription resulting from exceptionally strong investor interest and demand. Both parties agreed to accommodate a limited increase to the round in order to support and further Plurilock’s growth during the transaction.
“Investor interest in Plurilock has been tremendous,” says Plurilock CEO Ian Paterson. “We’re excited to have encountered intense demand as we prepare to go public, and to have our research, product, and market potential validated by a variety of discerning third parties, all of whom believe in what we’re doing.”
Proceeds from the financing round will be used for growth and development in product, sales and marketing, public listing expenses, and general working capital. These efforts will enable Plurilock to maintain its recent success trajectory over the course of the pending RTO transaction, expected to close during the 2020 calendar year.
Granular details about the transaction can be found at: https://www.plurilock.com/prs-20200224.
Plurilock is the leader in advanced and continuous authentication for standards and regulatory compliance. Plurilock’s software leverages state-of-the-art behavioral-biometric, environmental, and contextual technologies to provide invisible, adaptive, and risk-based MFA solutions with the lowest possible cost and complexity. Plurilock enables organizations to compute safely—and with peace of mind.
For more information, visit https://www.plurilock.com.