Vancouver, British Columbia--(Newsfile Corp. - January 10, 2025) - Scope Technologies Corp. (CSE: SCPE) (OTCQB: SCPCF) (FSE: VN8) ("Scope Technologies" or the "Company") is pleased to announce that it has received all proceeds regarding its previously announced $1,800,000 non-brokered private placement financing (the "Offering") (see news releases dated December 23, 2024 and December 27, 2024) and $1,000,000 convertible debt financing from First Majestic Silver Corp., a publicly traded mining company (see news release dated January 6, 2025).
The Company issued 1,285,708 units (the "Units") at a price of $1.40 per Unit for total proceeds of $1,800,000 (the "Offering"). Each Unit consists of one common share ("Share") and one common share purchase warrant ("Warrant"), with each Warrant entitling the holder to acquire one additional Share at an exercise price of $1.80 until January 10, 2027.
No finders' fees were payable under the Offering. The Shares under the Offering will be subject to restrictions on resale until May 11, 2025. The aggregate net proceeds of the Offering will be used to grow its team, with a focus on hiring additional sales and client staff, as well as for general working capital purposes.
Alan Tam, the Chief Financial Officer and a director of the Company, subscribed for 18,000 Units for gross proceeds of $25,200, and such participation will be considered a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company expects to be exempt from the requirement to obtain a formal valuation and minority shareholder approval in connection with Mr. Tam's participation in the Offering in reliance of Sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that Mr. Tam's participation in the Offering did not exceed 25% of the fair market value of the Company's market capitalization.
Stock Option Grants
The Company has granted a total of 400,000 stock options to directors and consultants of the Company. The stock options granted are exercisable to purchase a common share of the Company at a price of $1.00 per share for a term of 5 years and subject to the Company's vesting terms.
This news release does not constitute an offer to sell, or solicitation of an offer to buy, nor will there be any sale of any of the securities offered in any jurisdiction where such offer, solicitation or sale would be unlawful, including the United States of America. The securities being offered as part of the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and any applicable state securities laws, or pursuant to available exemptions therefrom.
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About Scope Technologies Corp.
Headquartered in Vancouver, British Columbia, Scope Technologies Corp is a pioneering technology company specializing in quantum security and machine learning. Through its flagship brands, QSE Group and GEM AI, Scope provides next-generation solutions in data security, quantum encryption, and neural networks, empowering businesses with secure, scalable technologies that drive growth and operational efficiency.
LinkedIn: scope-technologies-corp
Facebook: Scope Technologies Corp
Twitter: @ScopeTechCorp
Contact Information:
James Young
CEO, Scope Technologies Corp.
Email: james@scopetech.ai
Phone: +1 604-416-1720
Website: www.scopetechnologies.io
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements that constitute forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that are not purely historical statements of fact are forward-looking statements and include statements regarding beliefs, plans, expectations, future, strategy, objectives, goals and targets, and more specifically, the use of proceeds of the Offering. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "aim", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks and are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, those risks and assumptions described in the Company's latest management discussion and analysis, a copy of which is available under the Company's profile on SEDAR at www.sedarplus.ca. While Scope considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this press release. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions, continued satisfaction of Canadian Securities Exchange requirements, product safety and recalls, regulatory compliance and risks associated with the Company's business. Forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.
The Canadian Securities Exchange has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
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SOURCE: Scope Technologies Corp.
