Mr. Ian Paterson reports

PLURILOCK ANNOUNCES CLOSING OF $4.6 MILLION BOUGHT DEAL FINANCING INCLUDING FULL EXERCISE OF OVER-ALLOTMENT OPTION

Plurilock Security Inc. has closed its previously-announced bought-deal public offering of common shares, including the exercise in full of the over-allotment option.

The company issued a total of 9,200,000 shares at the price of 50 cents per share for total gross proceeds of $4.6-million (including the exercise in full of the over-allotment option).

The offering was completed by a syndicate of underwriters led by Leede Jones Gable Inc., including PI Financial Corp. and Paradigm Capital Inc.

The proceeds raised from the sale of shares under the offering are expected to be used by the company for general working capital, research and development, marketing and general corporate purposes.

The company paid the underwriters a cash commission of $263,550 and issued 527,100 underwriters' warrants. Each underwriters' warrant is exercisable for one share at the issue price per share for a period of 36 months following the closing of the offering.

The offering was completed by way of prospectus supplement dated Nov. 4, 2021, to the company's short form base shelf prospectus dated May 31, 2021.

Insiders of the company purchased 80,000 shares under the offering, which constituted a related party transaction within the meaning of multilateral instrument 61-101 - protection of minority security holders in special transactions (MI 61-101). The issuance to the insiders is exempt from the formal valuation and the minority shareholder approval requirements of MI 61-101 as the fair market value of the shares issued to or the consideration paid by such insiders did not exceed 25 per cent of the company's market capitalization.

"We are pleased to announce the closing of our bought deal financing, led by strong institutional investor demand and insider participation," said Ian L. Paterson, chief executive officer (CEO) of Plurilock. "The proceeds raised from this offering will enable us to continue executing on our vision of building an identity centric focused cybersecurity company, and comes on the heels of our recently announced cloud codes asset purchase. This transaction is in line with our growth through acquisition strategy where we look to scale operations globally by finding assets that are complementary to our current offering. We believe this strong show of support from institutional investors and underwriters will not only assist us in locating those assets but accelerate our growth in the coming years."

About Plurilock

Plurilock Security Inc. provides identity-centric cybersecurity for today's workforces. The Plurilock family of companies enables organizations to operate safely and securely while reducing cybersecurity friction. Plurilock offers world-class IT and cybersecurity solutions through its solutions division, paired with proprietary, AI-driven and cloud-friendly security through its technology division. Together, the Plurilock family of companies delivers persistent identity assurance with unmatched ease of use.

We seek Safe Harbor.