Mr. Todd Sexton reports
IDENTILLECT TECHNOLOGIES CLOSES $1,000,000 FINANCING
Identillect Technologies Corp. has completed the non-brokered private placement previously announced on Dec. 29, 2021, in which it raised gross proceeds of $1-million.
The financing consisted of 66,666,666 common shares of the company at a price of 1.5 cents per share. All securities issued in connection with the financing are subject to a hold period expiring June 11, 2022.
Identillect chief executive officer Todd Sexton stated: "Identillect continues to adapt to the changing landscape of cybersecurity. We have recently identified the largest potential growth area as being through managed service providers (MSPs) requiring e-mail security protection for their clients. This financing provides us with financial stability and allows us to more aggressively pursue this market."
Proceeds of the financing will be used as detailed herein for operations and to cover general and administrative costs for the next six months.
The figures in the attached table are estimates only, and there may be circumstances in which the company is required to reallocate proceeds of the financing based on the operational needs of the company.
The company did not pay any finders' fees in connection with the financing.
The financing included participation by a holding company controlled by the chief executive officer of the company in the aggregate amount of five million common shares. This participation constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The issuance of shares is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as it was a distribution of securities for cash, and the fair market value of the shares issued to and the aggregate consideration paid did not exceed 25 per cent of the company's market capitalization.
The company would also like to announce that Robert Mintak has resigned from its board of directors due to other commitments. The company would like to thank Mr. Mintak for his past services and wishes him the very best in his future endeavours.
About Identillect Technologies Corp.
Identillect is the leading provider of e-mail encryption service Delivery Trust, empowering enterprises of all sizes to protect their business and their clients' critical information against cybersecurity attacks.
Delivery Trust is an award-winning, multiplatform plug-in, which gives users complete control of their e-mails, for one low price. One simple integration complies with all regulations and, most importantly, provides peace of mind.
We seek Safe Harbor.
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