TORONTO, May 10, 2023 /PRNewswire/ - Cybeats Technologies Corp. ("Cybeats'' or the "Company")(CSE: CYBT) (OTCQB: CYBCF) is pleased to announce that further to its press release of April 6, 2023, the Company has completed the second and final tranche of its previously announced non-brokered private placement (the "Offering") through the issuance of 4,109,000 units ("Units") of the Company at a price of $1.00 per Unit for gross proceeds of $4,109,000. In total, an aggregate of 6,221,000 Units were issued for gross proceeds of $6,211,000 through the completion of the two tranches of the Offering.
Each Unit consists of one common share of the Company (a "Common Share") and one whole Common Share purchase warrant (each, a "Warrant"). Each Warrant shall be exercisable to acquire one Common Share at an exercise price of $1.40 for a period of 24 months from the date of issuance.
"The capital raise will fuel the ongoing support of our overwhelming commercial demand within the growing SBOM management market. The additional working capital will also support the onboarding of recently announced enterprise clients," said Yoav Raiter, CEO, Cybeats.
Gross proceeds raised from the Offering will be used for working capital and general corporate purposes. The securities issued upon closing of the Offering will be subject to a hold period of four months plus a day from the date of closing, pursuant to applicable securities laws. The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals.
In connection with the Offering, the Company paid certain eligible persons (each, a "Finder"): (i) a cash commission in the aggregate of $56,600; and (ii) an aggregate of 55,600 finder warrants (each, a "Finder Warrant") ..
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