- Capital pool company, Libby K Industries (LBB.P) has received conditional approval to list on the TSX Venture Exchange
- The company will shortly complete a qualifying transaction, by amalgamating with cybersecurity business, Plurilock
- After completing the transaction and receiving final TSXV approval, the resulting entity will list under the ticker code PLUR
- Plurilock expects the listing to boost the company’s operations as it works to meet increasing demand for cybersecurity solutions
- Libby K Industries (LBB.P) is currently suspended pending the amalgamation
Capital pool company, Libby K Industries (LBB.P) has received conditional approval to list on the TSX Venture Exchange.
The TSXV’s capital pool company (CPC) program is a unique listing vehicle, which allows public shell companies to list on the exchange. In order to trade on the TSXV as a regularly listed company, the CPC must first complete a qualifying transaction, usually by acquiring a business.
Libby K and its subsidiary, 01243540 B.C. Ltd, will complete the qualifying transaction through a three-corner amalgamation with cybersecurity business, Plurilock. The resulting entity of that amalgamation will continue Plurilock’s operations, with Plurilock’s CEO remaining as the CEO of the resulting entity.
Pending final TSXV approval, the resulting entity will be able to list on the TSXV, under the ticker code PLUR.
Plurilock has spent much of 2020 preparing for its debut on the TSX Venture Exchange. This year, the company renewed its contract with the US Department of Homeland Security, as part of the DHS Science and Technology Directorate’s Silicon Valley Innovation Program.
Plurilock also received funding for a research and development project, from the National Research Council of Canada Industrial Research Assistance Program.
The company expects the listing to boost its operations as it works to meet increasing demand for cybersecurity solutions. Plurilock’s CEO, Ian L Paterson, commented on the significant benefit the company will receive by listing on the TSX Venture Exchange.
“Receiving conditional approval from the TSXV represents a significant milestone in our efforts to broaden our appeal to a larger shareholder base, and raise the company’s profile among the North American investment community.
“As the threat of cybersecurity escalates around the globe, investor interest for companies that are able to capitalise on this opportunity continues to grow.
“This listing will allow investors to access our stock and enable us to continue building long-term shareholder value in a rapidly growing sector,” he said.
Libby K Industries (LBB.P) is currently suspended pending the amalgamation.