IRVINE, Calif., Nov. 22, 2017 (GLOBE NEWSWIRE) -- Identillect Technologies Corp. (the "Company" or "Identillect") (TSX-V: ID ) (OTCQB:IDTLF) (Frankfurt: 8ID ), a leading provider of email security is pleased to announce that it has closed the non-brokered private placement (the “Placement”) previously announced on November 9, 2017, for aggregate gross proceeds of $999,999.96.
Todd Sexton, President and Chief Executive Officer of Identillect, stated, “We are excited about the growth opportunities which are in store for Identillect in 2018. This private placement advances Identillect's ability to execute on technical product advancements and the growth of the Company.”
The Placement consisted of 8,333,333 common shares at a price of $0.12 per share.
In connection with the Placement, the Company paid a cash commission totaling $34,920.00 and issued 291,000 finder’s warrants. Each finder’s warrant entitles the holder to acquire one common share, at a price of $0.12 per share until November 20, 2018. All securities issued in connection with the Placement are subject to a hold period expiring March 22, 2018.
Net proceeds of the Placement will be used to accelerate the Company’s expansion into the blockchain arena through integration with the Company’s Delivery Trust™ email encryption product, and for general working purposes.
About Identillect
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.
IDENTILLECT TECHNOLOGIES CORP.
Todd Sexton Chief Executive Officer Tel: (949) 468-7878 Email: todd.sexton@identillect.com
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.
