VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 27, 2017) - Identillect Technologies Corp. (the "Company" or "Identillect") (TSX VENTURE:ID) is pleased to announce that it has closed the non-brokered private placement (the "Placement") previously announced on January 19, 2017, for aggregate gross proceeds of $1,382,000.
Todd Sexton, CEO of Identillect stated, "We are very pleased with our investors' response to this financing. We experienced significant subscriber growth during 2016, and look forward to accelerating our growth rate as we progress through 2017." Todd continues, "As stringent restrictions are placed on companies to enhance their cyber security, Identillect plans to continue to be recognized in the security industry as a top e-mail security provider through its e-mail encryption software, Delivery Trust."
The Placement consisted of 23,033,334 units (the "Units") of the Company at a price of $0.06 per Unit. 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 until January 26, 2018.
In connection with the Placement, the Company paid a cash commission totaling $48,240 and issued 804,000 broker warrants. Each broker warrant entitles the holder to acquire one common share, at a price of $0.15 until January 26, 2018. All securities issued in connection with the Placement are subject to a hold period expiring May 27, 2017.
Proceeds of the Placement will be used to expand the sales and marketing programs related to the Company's Delivery Trust™ email encryption product, and for general working purposes.
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.