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.
