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Nubeva Technologies Ltd
Symbol NBVA
Shares Issued 56,790,705
Close 2021-03-23 C$ 0.52
Recent Sedar Documents

Nubeva secures $8M financing facility from Alumina

2021-03-23 10:57 ET - News Release

Mr. Randy Chou reports

NUBEVA ENTERS INTO $8 MILLION EQUITY FACILITY WITH ALUMINA PARTNERS

Nubeva Technologies Ltd. has entered into an agreement for a financing facility with Alumina Partners (Ontario) Ltd. The investment agreement will provide the company with up to $8-million over a 24-month period to finance its working capital needs as well as accelerate its product road map.

Randy Chou, chief executive officer of Nubeva, stated: "Over the past year, Nubeva has been successful in securing several key enterprise customers in cybersecurity and network monitoring. This agreement provides us with the additional operating runway necessary to realize significant market traction."

"We are pleased to support Nubeva as they expand their footprint in critical cybersecurity," said Adi Nahmani, Alumina's managing member. "As recent events (such as the SolarWinds hack) have underscored, comprehensive network monitoring with persistent audit trail capability is no longer an optional feature for any connected business. Nubeva's TLS [transport layer security] decryption technology, delivered in a comprehensive suite of intuitive, low-overhead cloud services, offers a cost-effective solution to rapidly evolving demands among enterprise users. We look forward to seeing the continued successful deployment of Nubeva's solutions to new customers this year and beyond."

Under the financing facility with Alumina, Nubeva, subject to certain customary conditions, may draw down through private placements up to $8-million in tranches of up to $500,000 each. Each tranche shall be a private placement of units, to comprise one common share and one-half of a common share purchase warrant. The warrants may not be exercised prior to the date that is four months and one day from their date of issuance.

Each full warrant will entitle the holder to purchase one common share of the company at a price of 25 per cent over the unit price and will have a term of three years. If the volume-weighted average closing price of the common shares on the TSX Venture Exchange is equal to or greater than two times the exercise price of the warrants at any time during which they are eligible for exercise for a period of 20 consecutive trading days, the company may at its option elect to accelerate the expiry of the warrants by providing notice (by news release) within 10 calendar days following the end of such 20-consecutive-trading-day period, in which case the warrants will expire on the date specified in such notice.

There are no standby charges or other upfront fees associated with the investment agreement. Each tranche of units issued under the investment agreement will be subject to the acceptance of the TSX-V, and the securities issued will be subject to the customary four-month hold period. The investment agreement remains subject to the approval of the TSX-V.

About Nubeva Technologies Ltd.

Nubeva Technologies has changed the decrypted visibility game with pure, symmetric decryption. Nubeva helps enterprises gain the visibility needed through decryption so they can fully inspect network traffic. The need to inspect data in motion is fundamental to network security and application monitoring and assurance. The shift to SaaS (software as a service), the cloud and stronger encryption practices (such as perfect forward secrecy and TLS 1.3) creates new and unique challenges for in-line and out-of-band decryption and visibility solutions. Nubeva reimagined TLS visibility and created a new solution for the modern era of strong encryption in dynamic and distributed computing environments.

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