DANA POINT, CA / ACCESSWIRE / February 10, 2022 / Identillect Technologies Corp. (the "Company" or "Identillect") (TSXV:ID)(FRA:8ID), an industry leader in compliant email security, is pleased to announce that it has completed the non-brokered private placement (the "Financing") previously announced on December 29, 2021, in which it raised gross proceeds of $1,000,000.
The Financing consisted of 66,666,666 common shares of the Company at a price of $0.015 per share. All securities issued in connection with the Financing are subject to a hold period expiring June 11, 2022.
Identillect CEO, Todd Sexton, states, "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 (MSP's) requiring email 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 below for operations and to cover general and administrative costs for the next six months.
The above figures 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 5,000,000 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 ("MI 61-101"). 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 twenty-five percent 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 endeavors.
About Identillect
Identillect Technologies is the leading provider of email encryption service Delivery Trust®, empowering enterprises of all sizes to protect their business and their client's critical information against cyber security attacks.
Delivery Trust® is an award-winning, multi-platform plug-in, which gives users complete control of their emails, for one low price. One simple integration complies with all regulations and most importantly provides peace of mind.
For more information, or your free trial, please visit www.identillect.com.
On Behalf of the Board of Directors of:
IDENTILLECT TECHNOLOGIES CORP.
Todd Sexton
Chief Executive Officer
Tel: (949) 468-7878
Email: todd.sexton@identillect.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
SOURCE: Identillect Technologies Corp
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