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SoLVBL Solutions (CSE:SOLV) closes upsized $3 million financing
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  • SoLVBL Solutions (SOLV) has closed its upsized C$3 million brokered private placement
  • The company issued 50,000,000 units at $0.06 per unit
  • It intends to use the proceeds to implement its data authentication solution, Q by SoLVBL, to target the cybersecurity market
  • SoLVBL is a cybersecurity company developing a universal standard for establishing digital record authenticity
  • SoLVBL Solutions (SOLV) is down by 4.17 per cent and is currently trading at $0.115 per share

SoLVBL Solutions (SOLV) has closed its upsized C$3 million brokered private placement.

The company issued 50,000,000 units at $0.06 per unit.

Each unit is comprised of one common share of SoLVBL and one common share purchase warrant.

Each warrant is exercisable to acquire one common share for $0.12 for 24 months from the date of issuance.

The company intends to use the proceeds for working capital and general corporate purposes.

Brenda Brown, Director at SoLVBL, acquired beneficial ownership of 16,666 units representing 0.01 per cent of the company.

Research Capital Corporation led the placement as sole agent and sole bookrunner.

Ray Pomroy, CEO of SoLVBL, commented,

"We are pleased with the oversubscribed investor demand for the private placement. Cybersecurity is an ever-growing threat and we believe our solution, Q by SoLVBL, will combat digital fraud. The use of Q by SoLVBL solves the problem of data authenticity that is not solved today. The proceeds from the private placement will enable the implementation of Q by SoLVBL to target the cybersecurity market."

SoLVBL is a cybersecurity company developing a universal standard for establishing digital record authenticity.

SoLVBL Solutions (SOLV) is down by 4.17 per cent and is currently trading at $0.115 per share as of 12:26 pm ET.

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