Scope Tech arranges $3-million private placement

Executive Summary

• Scope Technologies Corp. completed a non-brokered private placement financing raising $3 million in gross proceeds.
• The company issued 7,894,737 units at a price of $0.38 per unit, with each unit comprising one common share and one-half of one share purchase warrant.
• Proceeds are designated for expanding the company's QSE (Quantum-Secure Encryption) platform and for general working capital.

Key Details

• Gross Proceeds: $3,000,000
• Units Issued: 7,894,737 units
• Price Per Unit: $0.38
• Financing Structure: Non-brokered private placement
• Warrant Terms: Each unit includes one-half of one share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of $0.60 per share.
• Warrant Expiration: Three years from the date of issue.
• Hold Period: All securities issued, including those issuable upon exercise of warrants, are subject to a hold period of four months and one day from the date of issuance.
• Use of Proceeds: Expansion of the QSE platform and general working capital requirements.
• Finder's Fees: The company reserves the right to pay finders' fees in relation to the offering.

Notable Quotes

• "This funding allows Scope Technologies to grow and support ongoing operations," said Ted Carefoot, chief executive officer of Scope Technologies. "Accelerating our goal to make QSE a go-to postquantum security preparedness and encryption company."