MONTREAL, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Quantum Numbers Corp. (“Quantum”or the “Corporation”) (TSX-V: QNC) is pleased to announce that it has closed a non-brokered private placement by issuing a total of 40,000,000 units (the “Units”) at $0.05 per Unit, for a total gross proceed of $2,000,000, to a number of strategic investors who add significant value to the Corporation’s cyber security initiatives. Each Unit is comprised of one common share and one warrant of the Corporation. Each warrant entitles its holder to acquire one common share of the Corporation at a price of $0.15 for a period of 12 months following the closing of the private placement. The securities issued in the private placement are subject to a four-month hold period expiring on May 16, 2021.
The net proceeds from the private placement will be used by Quantum to finance and accelerate development of its patented Quantum Random Number Generator technology. The Corporation intends to target high profile verticals such as Healthcare Services and is also well suited to meet the demands for Cloud-Based IT Security Infrastructure, Classified Government Networks And Communication Systems, Secure Device Keying (IOT, Automotive, Consumer Electronics), Quantum Cryptography and Financial Services.
The Insiders’ participation for $115,000 is exempt from the formal valuation and minority shareholder approval requirements provided under Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (“Regulation 61-101”) in accordance with sections 5.5(a) and 5.7(1)(a) of Regulation 61-101. The exemption is based on the fact that neither the fair market value of the private placement, nor the consideration paid by such Insiders exceeds 25% of the market capitalization of the Corporation.
As a result of the closing of the private placement, there are 100,527,838 common shares of the Corporation issued and outstanding.
The private placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange. Finder’s fees in an aggregate amount of $27,200 were paid in connection with the private placement.
“We are very pleased with the results of this latest round. This level of capital investment will allow QNC to recruit a new leadership team and execute on both the development of its patented technology and its strategic market positioning plan. The Board of Directors is grateful that both existing and new investors participated. This is undoubtedly a great testimonial to QNC’s vision and potential for growth as a leader in quantum technologies,” said Pierre Paul Samson, Chairman.
The Corporation's mission is to address the growing demand for affordable hardware security for connected devices. The patented solution for a Quantum Random Number Generator exploits the built-in unpredictability of quantum mechanics and promises to provide enhanced security for protecting high value assets and critical systems.
The Corporation intends to target high profile verticals such as Healthcare Services and the technology is also applicable to Financial Services, Cloud-Based IT Security Infrastructure, Classified Government Networks and Communication Systems, Secure Device Keying (IOT, Automotive, Consumer Electronics) and Quantum Cryptography.
For further information, please contact:
Marc Rousseau, Chief Executive Officer
Tel : 514.886.0045
Neither TSX Venture Exchange 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.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Corporation's periodic reports including the annual report or in the filings made by Quantum from time to time with securities regulatory authorities.
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