TORONTO, July 29, 2019 /CNW/ - 01 Communique Laboratory Inc. (TSXV: ONE) (the "Company") today announced it has closed a non-brokered private placement of units raising gross proceeds of $437,000.
Pursuant to the offering the Company issued 3,641,665 units ("Units") at a per Unit price of $0.12, with each Unit consisting of one common share in the capital of the Company and one-half of one common share purchase warrant, with each whole warrant exercisable for the purchase of one common share of the Company at a per share price of $0.15 for a period of 24 months from the date of closing of the private placement.
The proceeds raised from the private placement will be used by the Company for completing development of the IronCAP API ("Application Programming Interface"), IronCAP X and for general working capital purposes. All securities issued under the private placement are subject to a hold period of four months and one day from the date of closing in accordance with applicable securities legislation and the policies of the TSX Venture Exchange.
Andrew Cheung, the Company's President and Chief Executive Officer acquired $50,000 of Units in the offering. Mr. Cheung is considered to be a "related party" (within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101")), making the offering a "related party transaction" (within the meaning of MI 61-101). The Company relied on the exemptions from obtaining a formal valuation for, and minority approval of, the subscription by Mr. Cheung pursuant to Section 5.5(b) and 5.7(a) of MI 61-101, respectively.
About IronCAP API and IronCAP X:
IronCAP is a patent-pending cryptography system designed to operate on conventional computer systems as we know them today while at the same time be secure enough to safeguard against future attacks from the world of quantum computers. The IronCAP API is scheduled for release to third party developers in August. IronCAP X is the Company's first product to incorporate the IronCAP post-quantum cryptographic system and is believed to be the world's first quantum-safe email encryption system. The system was demonstrated earlier this year at the Company's shareholder meeting showing how easy it is to send and receive an email that encapsulates IronCAP quantum-safe encryption and digital signing system, providing an end-to-end encrypted message that only the recipient can decrypt and read. IronCAP X is scheduled for release in September. For more information visit www.ironcap.ca
About 01 Communique
Established in 1992, 01 Communique Laboratory Inc. (TSX-V: ONE) has always been at the forefront of technology. The Company's legacy business provides its customers with a suite of secure remote access services and products. In early 2018 the Company began transitioning its business focusing on cybersecurity with the development and implementation of Post-Quantum Cryptography and Post-Quantum Blockchain technologies, which can be implemented on classical computer systems as we know them today while at the same time intended to be secure enough to safeguard against potential Quantum Computer attacks. The Company's legacy products are protected in the U.S.A. by its patents #6,928,479 / #6,938,076 / #8,234,701; in Canada by its patents #2,309,398 / #2,524,039 and in Japan by its patent #4,875,094. For more information, visit the Company's web site at www.01com.com
Cautionary Note Regarding Forward-looking Statements.
Certain statements in this news release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this news release, such statements use such words as "may", "will", "expect", "believe", "plan", "intend", "are confident" and other similar terminology. Such statements include statements regarding the timing of the release of IronCAP X, the use of proceeds of the offering, and the functionality of the Company's products. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under "Risk and Uncertainties" in the Company's Management`s Discussion and Analysis document filed on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances.
Neither TSX Venture Exchange ("TSX-V") nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE 01 Communique Laboratory Inc.
For further information: INVESTOR CONTACT: Andrew Cheung, Chief Executive Officer, 01 Communique, (905) 795-2888 x206, [email protected]