Identillect Announces Financing

IRVINE, CA / ACCESSWIRE / February 10, 2020 / Identillect Technologies Corp. (the “Company” or “Identillect”) (TSX-V: ID) (Frankfurt: 8ID), a trusted leading provider of compliant email security, announces that it intends to complete a non-brokered private placement of up to $500,000 at a price of one cent per common share through the issuance of up to 50 million common shares (the “Financing“).

 

Proceeds of the Financing will be used as detailed below for operations and to cover general and administrative costs for the next six months.

Financing $500,000

Estimated use of Financing:

Accounting fees (non-related party) 54,000
AGM 10,000
Audit fees 60,000
Legal fees (related party) 13,000
Rent 71,000
Management salaries 129,000
Payroll 58,000
Software costs 86,000
TSXV filing and transfer agent fees 11,000
Unallocated working capital 8,000
Total use of Financing $500,000

The common shares issued will be subject to a four-month-and-one-day statutory hold period from the date of issuance. Closing of the Financing remains subject to the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange.

About Identillect

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.

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.

SOURCE: Identillect Technologies Corp.

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