- SoLVBL Solutions issued 13,333,333 units at a price of $0.075 per unit for aggregate gross proceeds of $1,000,000
- The placement was led by Research Capital Corporation as the sole agent and sole bookrunner
- Total proceeds from the closing of this private placement and the upsized private placement on July 23, totalled $4,000,000
- The company intends to use the net proceeds for working capital and general corporate purposes
- The agent received a cash fee of $61,280 and 817,067 non-transferable compensation options
- SoLVBL is an innovative cybersecurity company
- SoLVBL Solutions Inc. (SOLV) is unchanged, trading at C$0.115 per share at 11:50 am ET
SoLVBL Solutions (SOLV) has closed a second private placement.
The company issued 13,333,333 units at a price of $0.075 per unit for gross proceeds of $1,000,000.
The placement was led by Research Capital Corporation as the sole agent and sole bookrunner.
Total proceeds from the closing of this private placement and the upsized private placement on July 23, totalled $4,000,000.
Each unit includes one common share of the company and one purchase warrant.
Each warrant is exercisable to acquire one share at a price of $0.12 per warrant share for a period of 24months from the date of issuance.
“On behalf of SoLVBL, we are excited to be closing on a second private placement indicating strong investor demand and support for SoLVBL’s product solution targeting the cybersecurity market. Q by SoLVBL combats digital fraud with proprietary data authentication for enhanced data security and privacy. The total gross proceeds of $4 million from the first and second private placement will accelerate the implementation of Q by SoLVBL,” stated Ray Pomroy, CEO of SoLVBL.
The company intends to use the net proceeds for working capital and general corporate purposes.
The securities issued pursuant to the Private Placement are subject to a four-month hold period under applicable securities laws in Canada.
In connection with the placement, the agent received a cash fee of $61,280 and 817,067 non-transferable compensation options. Each compensation option entitles the holder thereof to purchase one unit at an exercise price equal to the offering price for a period of 24 months following the closing of the offering.
Alan Rootenberg, a current director of the company, subscribed for 800,000 units such that he now holds a total of 1,800,000 common shares which represent 1.18 per cent of the total number of issued and outstanding common shares.
SoLVBL is an innovative cybersecurity company. Q by SoLVBL™, is a proprietary software application designed to provide digital record authentication. Q by SoLVBL™ allows organizations to establish trust in their data.
SoLVBL Solutions Inc. (SOLV) is unchanged, trading at C$0.115 per share at 11:50 am ET.
