VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 19, 2017) - Identillect Technologies Corp. (the "Company" or "Identillect") (TSX VENTURE:ID) is pleased to announce that it has arranged a non-brokered private placement of units (the "Units") of the Company at a price of $0.06 per Unit for aggregate proceeds of up to $1,260,000 (the "Offering"). Each Unit consists of one common share of the Company and one-half of one common share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share of the Company at a price of $0.15 for a period of twelve months from the date of issuance. Closing of the financing is conditional on the holders of convertible debentures in the aggregate principal amount of $580,000 agreeing to extend the maturity date of the debentures for one year until November 17, 2018.
The Company intends to use the net proceeds of the Offering to expand the sales and marketing programs related to the Company's Delivery Trust™ email encryption product, and for general working purposes.
Todd Sexton, President and Chief Executive Officer of Identillect, stated, "We are pleased with the subscriber growth we experienced in 2016 and this new capital positions Identillect for an even stronger year in 2017, particularly as regulations in the US and Europe begin to tighten around electronic delivery of customer and patient information."
The Company may pay a finder's fee to one or more arms' length parties who introduce the Company to subscribers, in accordance with the policies of the TSX Venture Exchange. The common shares, warrants and shares underlying the warrants will be subject to a four-month-and-one-day statutory hold period from the date of issuance. Closing of the private placement remains subject to the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange.
Identillect's Delivery Trust™ proprietary e-mail encryption technology targets organizations of all sizes, and is sold to medical professionals on a monthly subscription basis. Delivery Trust™ can be accessed by medical professionals on a vast array of electronic communication devices. All messages and their attachments are secured with patented, state-of-the-art encryption technology while providing complete control of the message with the click of a button, ensuring safety and control while in transit.
Since commercializing the product, Identillect has quickly grown its subscriber base and is becoming recognized in the security industry as a top e-mail security provider. Visit https://identillect.com/ to learn more.
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.