IRVINE, CA / ACCESSWIRE / March 5, 2020 / Identillect Technologies Corp. (the "Company" or "Identillect") (ID.V) (8ID.F), a trusted leading provider of compliant email security, is pleased to announce that it has completed a non-brokered private placement (the "Financing") in which it raised gross proceeds of $500,000.
The Financing consisted of 50 million common shares of the Company at a price of $0.01 per share. All securities issued in connection with the Financing are subject to a hold period expiring July 06, 2020.
Identillect CEO, Todd Sexton, states, "During 2019 Identillect made a significant impact on the legal industry, adding 12 new legal bar associations to our growing list of bar association partnerships. With these additions, the Company is now contracted to provide services to more than 30% of the legal bar associations across the United States. This financing provides us with financial stability and allows us to aggressively pursue members of the previously contracted bar associations, along with the ability to pursue new bar associations. Our success over the past 12 months continues to validate the Company's technology and strengthen its footprint."
Proceeds of the Financing will be used as detailed below for operations and to cover general and administrative costs for the next six months.
Estimated use of Financing:
Accounting fees (non-related party) 54,000
Audit fees 60,000
Legal fees (related party) 13,000
Management salaries 129,000
Software costs 80,000
TSXV filing and transfer agent fees 11,000
Finder's fee 9,000
Unallocated working capital 5,000
Total use of Financing $500,000
In connection with the Financing, the Company paid a cash commission totaling $9,000 and issued 900,000 finder's warrants. Each finder warrant entitles the holder to purchase an additional common share of the Company at a price of $0.05 for a period of one year from closing.
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.
Chief Executive Officer
Tel: (949) 468-7878
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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