VICTORIA – Plurilock Security Inc. (formerly Libby K Industries Inc.), further to its news releases dated June 23 and Aug. 24, 2020, has closed its previously announced qualifying transaction and changed its name to Plurilock Security Inc. Also, in connection with the transaction, the company completed a consolidation of its common shares on a one-for-two basis.
The shares are expected to resume trading on the TSX Venture Exchange as a Tier 2 technology issuer under the ticker symbol PLUR on or about Sept. 24, 2020, subject to the TSX-V issuing its final exchange bulletin confirming completion of the transaction and its approval thereof.
The transaction was effected pursuant to a three-cornered amalgamation whereby the company’s wholly owned subsidiary amalgamated with Plurilock Security Solutions Inc. under the Business Corporations Act (British Columbia) and Plurilock became a wholly owned subsidiary of the company.
The Concurrent Financings
In connection with the transaction, the company and Plurilock have completed concurrent brokered private placements for aggregate proceeds of $2.6-million. As disclosed in the company’s filing statement, the concurrent financings were conducted in two components:
- By the company, for retail investors who subscribed under the prospectus exemption pursuant to BC Instrument 45-536;
- By Plurilock, for investors who subscribed under all other prospectus exemptions.
The Libby K brokered component comprised 1,262,000 units of the company at a price of 30 cents per unit, for aggregate gross proceeds of $378,600. Each unit comprised one share and one-half of a warrant, and each warrant is exercisable for one share at an exercise price of 40 cents until Sept. 17, 2022, all on a postconsolidation basis. The shares and warrants issued under the Libby K brokered component, as well as any shares issued upon exercise of such warrants, are subject to a hold period and may not be traded until Jan. 18, 2021, except as permitted by applicable securities legislation and the rules and policies of the TSX-V.
The Plurilock brokered component comprised 7,416,162 subscription receipts of Plurilock at a price of 30 cents per subscription receipt, for aggregate gross proceeds of $2,224,848.60. Pursuant to the terms of the transaction (and after giving effect to the consolidation), each subscription receipt was effectively converted into one unit for a total of 7,416,162 units.