Mr. Ian Paterson reports

PLURILOCK ANNOUNCES CLOSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Plurilock Security Inc. has closed the first tranche of its previously announced non-brokered private placement of 4,857,588 units of the company at a price of 14.5 cents per unit for aggregate gross proceeds of $704,350.26.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one additional share at a price of 20 cents per warrant share for a period of 48 months from the closing date of the private placement, provided that if the volume weighted average closing price of the shares on the TSX Venture Exchange (or such other stock exchange on which the shares are traded) is equal to or greater than 25 cents for any 10 consecutive trading days, the company may at its option to elect to accelerate the expiry of the warrants by providing notice to the holders thereof, in which case the warrants will expire 30 calendar days following delivery of such notice.

In connection with the private placement, the company paid arm's-length finders an aggregate of $31,907.77 and issued an aggregate of 220,054 warrants, representing 7 per cent of the proceeds raised from those purchasers introduced by such finder and 7 per cent of the total number of units sold to investors introduced by such finder, which provide that such finder may acquire common shares of the company at 14.5 cents per finder's warrant share for a period of 48 months from the date of issuance.

The company intends to use the proceeds raised from the private placement for general corporate purposes and market awareness advertising.

The company expects to close the offering and a second tranche of the concurrent placement on or around Monday, June 26, 2023.

The private placement was completed in connection with news releases dated June 1, 2023, and June 13, 2023, pursuant to which the company announced a non-brokered private placement of at least 4,827,587 units at the offering price for gross proceeds of $700,000 and a maximum of 5,337,772 units for gross proceeds of up to $773,977, pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions, and a concurrent private placement to purchasers pursuant to applicable exemptions under National Instrument 45-106 of at least 4,310,345 units at the offering price for gross proceeds of $625,000 and up to a maximum of 6,896,551 units for gross proceeds of up to $1-million. The private placement constitutes a portion of the concurrent placement.

Market awareness advertising groups

Native Ads Inc.

The company has engaged Native Ads to provide digital media services, vendor management, marketing and data analytics services to the company, and the company budgeted up to $100,000 (U.S.) for such services over an expected 12-month period. Native Ads is a full-service advertising agency that owns and operates a proprietary ad exchange with over 80 integrated supply side platforms resulting in access to three billion to seven billion daily North American ad impressions. Neither Native Ads nor any of its directors and officers own any securities of the company.

Global One Media Ltd.

The company has engaged the services of Global One Media to manage its social media channels, including the distribution of interviews, company news and other similar services.

Global One Media is an innovative investor-focused digital marketing agency solving the needs of small-cap and mid-cap listed companies. Global One Media does not have any interest, directly or indirectly, in the company or its securities, or any right or intent to acquire such an interest. Global One Media may provide additional services in the future.

Outside The Box Capital Inc.

The company has engaged Outside The Box to provide marketing services to communicate information about Plurilock to the financial community. The initial term of the engagement is four months and the agreement may be terminated by either party at any time during the four-month period. The company will pay Outside The Box a cash fee of $70,000 plus applicable taxes, across the term of services. Outside The Box specializes in social media platforms and will be able to facilitate greater awareness and widespread dissemination of the company's news into these channels.

About Plurilock Security Inc.

Plurilock secures work forces, delivering least privilege access management and advanced IT (information technology) solutions to commercial and government customers worldwide. With industry-leading artificial intelligence and patented real-time identity confirmation technology, Plurilock combines next-generation cybersecurity with a comprehensive line of products and services that enable teams across North America and the globe to compute safely in a remote work world.

We seek Safe Harbor.