08:57 AM EDT, 04/04/2024 (MT Newswires) -- Plurilock Security Inc. ( PLCKF ) , a cybersecurity solutions provider, said overnight Wednesday that it is launching a private placement of up to $4.5 million worth of units priced at $0.20 apiece.

Each unit will be comprised of one share and a 24-month warrant. Each warrant is exercisable at $0.25 if exercised within the first 12 months and at $0.40 if exercised after that.

Plurilock said it will settle debt of up to $500,000 in units (except to insiders, who will receive shares only) at $0.20 per unit. The company also repriced the conversion price of $1.5 million in convertible debentures to $0.25 per share based on the post-consolidated market price following a 10-1 share consolidation.

As part of its cost reduction plan, Plurilock said Jord Tanner has resigned as chief technology officer.

The company's shares surged 50.0% yesterday.