Plurilock Announces Successful Committed Offering of $3 Million Strategic Investment to Accelerate Growth

Executive Summary

• Plurilock Security Inc. announced a proposed non‑brokered private placement of $3 million consisting of 10% unsecured convertible debenture units.
• Each unit contains one $1,000 convertible debenture (convertible at $0.23) and a warrant for common shares exercisable at $0.25; total potential issuance equals ~13.04 M shares from conversion plus 12 M shares from warrants.
• Proceeds will be used to accelerate growth initiatives, expand the Critical Services business, and strengthen working capital.

Key Details

• Offering Size: $3,000,000 gross proceeds.
• Structure: 3,000 units; each unit = one $1,000 convertible debenture + four (4) common share purchase warrants.
• Conversion Terms: Debentures convertible at holder’s option at $0.23 per share for three years from issue date.
• Warrant Terms: Warrants exercisable at $0.25 per share for three years from issue date; each unit provides four warrants.
• Potential Share Issuance: Up to 13,043,478 common shares upon full conversion of debentures plus an additional 12,000,000 common shares upon exercise of all warrants.
• Interest Rate: 10% per annum, payable in common shares at the Company’s election based on a 10‑day VWAP at the time of payment, subject to TSXV policies.
• Closing Conditions: Standard customary conditions; securities subject to a four‑month and one‑day statutory hold period.
• Use of Proceeds: Accelerate growth initiatives, expand Critical Services division, and bolster working capital.
• Strategic Investor: Unnamed strategic investor (subject to TSXV approval).

Notable Quotes

“This strategic investment provides growth capital from a long‑term partner who understands our market and mission,” said Ian L. Paterson, CEO of Plurilock. “It allows us to accelerate execution on key growth priorities, including expanding our Critical Services offerings, scaling internationally, and driving towards profitability.”