/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, July 12, 2016 /CNW/ - VirtualArmor International Inc. ("VirtualArmor" or the "Company") (CSE: VAI) is pleased to announce that it has closed a non-brokered private placement by issuing 865,500 units (each a "Unit") at a price of $0.48 per Unit for aggregate gross proceeds of $415,440 (the "Private Placement").
Each Unit consists of one common share (a "Share") of the Company and one half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one Share at a price of $0.75 per Share for a period of 18 months from the closing date of the Private Placement.
The Company paid a cash finder's fee of $20,292 and issued 42,275 finder warrants ("Finder Warrants") to one arm's length finder. Each whole Finder Warrant entitles the holder thereof to acquire one Share at a price of $0.75 per Share for a period of 18 months from the closing date of the Private Placement. The amount paid to the finder is equal to 5% of the gross proceeds raised from applicable subscriptions in the Private Placement.
The Company intends to use the proceeds from the Private Placement for the expansion of its sales force and general working capital purposes. The securities in the Private Placement will be subject to a statutory hold period of four months and one day from the closing date of the Private Placement as well as applicable U.S. hold periods.
In addition, VirtualArmor is pleased to announce that, prior to their expiry on June 27, 2016, 1,052,339 common share purchase warrants were exercised by various investors at a price of $0.20 per share for total proceeds to the Company of $210,467.80.
The securities referenced herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or applicable state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from U.S. registration requirements. This press release does not constitute an offer for sale of, or a solicitation of an offer to buy, securities in the United States.
VirtualArmor is a cyber security company that delivers solutions to help enterprises build, monitor, maintain and secure their networks from cloud to core. As a managed security services provider, VirtualArmor's services run 24 hours per day, 7 days per week, 365 days per year through its primary security operations center ("SOC") located in Middlesbrough, U.K. and a secondary SOC located in Salt Lake City, Utah. Each member of VirtualArmor's team supports the three main facets of its business: managed services, professional services, and hardware sales, by handling the design, configuration and installation of advanced network and cloud architecture solutions. VirtualArmor uses best-in-breed partnerships to provide solutions for customers that are affordable, highly reliable, scalable, and backed by thorough knowledge of the related technologies, products, and platforms. VirtualArmor has secured partnerships with established technology businesses specializing in network appliances, software, and systems and provides its services to the mid- to large- enterprise and service provider markets. VirtualArmor customers include a 13-location data center provider, a Fortune 100 oil and gas company, multiple service providers with presences throughout the United States, and household name enterprise organizations located primarily in the western United States. Further information about the Company is available under its profile on the SEDAR website, www.sedar.com, on the CSE website, www.thecse.com, and on its website, http://www.virtualarmor.com/.
This press release may include forward-looking information within the meaning of Canadian securities legislation. The forward-looking information is based on certain key expectations and assumptions made by the management of VirtualArmor, including, but not limited to, the use of proceeds from the Private Placement. Although VirtualArmor believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information as VirtualArmor cannot provide any assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release and VirtualArmor disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE Virtual Armor
For further information: Company Contact: Todd Kannegieter, President and CEO, Office: 720-961-3304, email@example.com; Investor Relations Contact: Babak Pedram, Office: 416-644-5081, firstname.lastname@example.org