Plurilock Security closes $3-million private placement

Mr. Ian Paterson reports PLURILOCK ANNOUNCES CLOSING OF $3 MILLION STRATEGIC INVESTMENT Further to Plurilock Security Inc.'s news release of Oct. 17, 2025, the company has closed its non-brokered private placement of $3-million through the issuance of 3,000 debenture units at $1,000 per unit with a strategic investor. Each debenture unit comprised (i) $1,000 principal amount of 10 per cent unsecured convertible debentures of the company, convertible at the option of the holder at a price of 23 cents until Oct. 30, 2028, and (ii) 4,000 common share purchase warrants exercisable at a price of 25 cents until Oct. 30, 2028, provided that if, any time following the date of issuance, the common shares of the company are listed on the New York Stock Exchange or Nasdaq, or the company completes an indirect listing such that the shares are exchanged for common shares of a public company trading on a U.S. stock exchange, in which the holder may, at the company's election, be given notice, by way of a news release, that the warrants will expire 180 days following the date of such listing. The debentures bear interest at a rate of 10 per cent per annum, payable in arrears every three months from the date of issue, in cash or shares, or a combination thereof, at the election of the company based on the 10-day VWAP (volume-weighted average price) at the time of the interest payment, subject to the policies of the TSX Venture Exchange. Interest shall be computed on the basis of a 360-day year composed of 12 30-day months. The debentures cannot be converted into shares and the warrants cannot be exercised into shares if it would result in the holder having a beneficial ownership of more than 9.99 per cent of the issued and outstanding shares. The proceeds from the offering will be used to accelerate Plurilock's growth initiatives, expand its critical services business and strengthen working capital. The debenture units are subject to final TSX-V approval. All securities issued under the offering are subject to a four-month-and-one-day statutory hold period from the date of issuance, in accordance with applicable securities laws. Pursuant to the provisions of the company's amended omnibus incentive plan, the company has granted a total of 100,000 options to an officer of the company at an exercise price of 23 cents per share for a period of five years, with 25 per cent to vest one year from the grant date and 25 per cent every 12 months thereafter. The company has also granted a total of 1.75 million restricted share units to certain directors, officers and consultants for a three-year term, with one-third to vest one year from the grant date and one-third every 12 months thereafter. These grants were made to appropriately reward the previous and continuing contributions of the recipients and to encourage them to continue contributing significantly to Plurilock's success in future. About Plurilock Security Inc. Plurilock is a services-led, product-enabled, AI-native cybersecurity company that solves complex cyber problems in high-stakes environments where failure is not an option. Trusted by Five-Eyes governments, North Atlantic Treaty Organization-aligned agencies, and Global 2000 enterprises, the company defends critical infrastructure and safeguards the systems that power modern life. Its critical services division delivers operational resilience through unmatched expertise, proprietary IP and AI-driven playbooks. We seek Safe Harbor.