-- Plurilock Security (PLUR.V) after trade Tuesday said it plans to raise up to $2.5 million through a private placement of special warrants.
The company will sell up to 25-million special warrants at $0.10 each.
Each warrant will convert into a share either shortly after the company files the required prospectus or after about four months, whichever comes first, the company said, adding that it aims to file the prospectus within 60 days, but there is no guarantee it will do so before the statutory holding period ends.
The company said it plans to use the funds to expand its Critical Services capabilities in defense and commercial markets, continue developing its AI-based platform, and for general working capital. The offering is subject to standard conditions, including approval from the TSX Venture Exchange.
The company's shares closed down $0.01 to $0.12 on the TSX Venture Exchange.