asx sol

SoLVBL Solutions Announces Closing of Upsized $3.0 Million Brokered Private Placement

SoLVBL Solutions Inc. (CSE: SOLV) ("SoLVBL" or the "Company") is pleased to announce that due to oversubscribed investor demand it has upsized and closed its previously announced brokered private placement (the "Private Placement") of units of the Company (the "Units"), pursuant to which the Company issued 50,000,000 Units at a price of $0.06 per Unit (the "Offering Price") for aggregate gross proceeds of $3,000,000. The Private Placement was led by Research Capital Corporation as sole agent and sole bookrunner (the "Agent").

Each Unit is comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant is exercisable to acquire one Common Share (a "Warrant Share") at a price of $0.12 per Warrant Share for a period of 24months from the date of issuance.

The Company intends to use the net proceeds raised under the Private Placement for working capital and general corporate purposes.

"We are pleased with the oversubscribed investor demand for the private placement. Cybersecurity is an ever growing threat and we believe our solution, Q by SoLVBLTM, will combat digital fraud. The use of Q by SoLVBL solves the problem of data authenticity that is not solved today. The proceeds from the private placement will enable the implementation of Q by SoLVBLTM to target the cybersecurity market," stated Ray Pomroy, CEO of SoLVBL.

The securities issued pursuant to the Private Placement are subject to a four-month and one day hold period under applicable securities laws in Canada.

In connection with the Private Placement, the Agent received an aggregate cash fee equal to $229,329 and an aggregate of 3,822,154 non-transferable compensation options (the "Compensation Options") equal to 8.0% of the total number of Units sold under the Private Placement. Each Compensation Option entitles the holder thereof to purchase one Unit at an exercise price equal to the Offering Price for a period of 24 months following the closing of the Private Placement. In addition, the Company has paid the Agent a financial advisory fee satisfied by the issuance of 3,333,333 Common Shares and 3,333,333 Warrants.

The securities described herein 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 within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

Ms. Brenda Brown, a current director of the Company, acquired beneficial ownership of 16,666 Units such that she now holds a total of 16,666 Common Shares which represent 0.01% of the total number of issued and outstanding Common Shares after giving effect to the Private Placement.

Related Party Participation in the Private Placement

An insider of the Company subscribed for 16,666 Units pursuant to the Private Placement. Participation of insiders of the Company in the Private Placement is deemed to be a "related party transaction" as defined under Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions ("MI 61-101").

Neither the Company, nor to the knowledge of the Company after reasonable inquiry, a related party, has knowledge of any material information concerning the Company or its securities that has not been generally disclosed.

The Private Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(c) and 5.7(1)(b)) as the distribution of securities was for cash consideration and neither the fair market value of the Units distributed to, nor the consideration received from, interested parties exceeded $2,500,000.

The Company did not file a material change report more than 21 days before the expected closing of the Private Placement because the details of the insider participation were not settled until closer to the closing of the Private Placement and the Company wished to close as soon as practicable for business reasons.

SoLVBL Solutions Inc.

SoLVBL is an innovative cybersecurity company. The Company's mission is to empower, better, faster decisions by developing a universal standard for establishing digital record authenticity. The lead product Q by SoLVBL™, is a proprietary software of the Company, designed to be easy to use and adopt, economically priced and provide digital record authentication at lightning fast speed. Q by SoLVBL™ allows organizations to establish trust in their data. The Company is currently pursuing the following verticals: chain of custody for digital evidence; including, NG-911, data used in the financial sector, medical applications and critical IoT infrastructures.

For Further Information, Contact:

SoLVBL Solutions Inc.
Raymond Pomroy, CEO
100 King Street West, Suite 5700
Toronto, ON, M5X 1C7
E: Ray.Pomroy@SoLVBL.com
T: 905.510.7982

Cautionary Note Regarding Forward-looking Information

The CSE has neither approved nor disapproved the contents of this press release.

NEITHER THE CSE NOR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the ability of the Company to successfully achieve its business objectives, including, the implementation and success of Q by SoLVBLTM, and expectations for other economic, business and/or competitive, factors. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, SoLVBL assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold in the "United States", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91086

News Provided by Newsfile via QuoteMedia

The Conversation (0)

OpenText Strengthens X12 Collaboration to Accelerate the Future of Supply Chain B2B Data Exchange

OpenText™ (NASDAQ: OTEX), (TSX: OTEX), the information company, and X12 the ANSI-accredited standards organization, today announced the renewal of their commercial use partner license agreement. This long-standing collaboration underscores OpenText's commitment to and support for X12 standards across its expansive supply chain network.

OpenText logo (PRNewsfoto/Open Text Corporation)

"Electronic data interchange (EDI) is a critical foundation that supports how supply chains and businesses function today," stated Muhi Majzoub, Chief Product Officer and EVP, OpenText. "Working with X12 is more than just a collaboration; it's a testament to our joint dedication to continuous innovation and to laying the foundation for a more interconnected and efficient B2B data exchange landscape for the future."

X12 standards play a crucial role in EDI, serving as the primary conduit for businesses across diverse industries, including retail, consumer goods, automotive, high-tech, general manufacturing, and insurance. These standards allow businesses to digitally share vital information seamlessly within and across their operations.

The integration of X12 standards within OpenText's business network solutions improves efficiency, accuracy, transparency, and cost-effectiveness for its customers, contributing to a strengthened supply chain ecosystem.

"We are delighted to join forces with OpenText in advancing the development of X12 standards and derivatives," said Cathy Sheppard , CEO of X12. "Together, we are not just shaping standards; we are fostering a future where technology supports and enhances global operations across the industries we serve."

With the world's largest business network, OpenText connects over 1.1 million trading partners, facilitating the exchange of more than 33 billion EDI transactions annually. As a trusted EDI partner offering robust solutions for seamless business document exchange, OpenText is proud to be formally recognized as an X12 licensing partner with a comprehensive long-term agreement that includes its customers from the past, present, and future.

About X12
X12 , chartered by the American National Standards Institute (ANSI) for more than 40 years, develops and maintains business-to-business data exchange standards to drive business processes globally. X12's diverse membership includes dedicated technologists and business process experts in health care, insurance, transportation, finance, government, supply chain, and other industries. X12's consensus-building forum enables members to meet regularly to develop syntax-neutral data exchange standards collaboratively. With more than 320 published transaction sets, 1,400 data elements, and more than 40,000 codes available for use, the body of X12's work can be used to conduct nearly every facet of business-to-business operations. Learn more about X12 licensing at x12.org/licensing .

About OpenText

OpenText, a global leader in information management, enables organizations to gain insight through market-leading information management solutions, powered by the OpenText Cloud. For more information, visit www.opentext.com .

OTEX-G

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/opentext-strengthens-x12-collaboration-to-accelerate-the-future-of-supply-chain-b2b-data-exchange-302100198.html

SOURCE Open Text Corporation

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Cyber Insurance Industry to Experience Above Trend Sector Growth

Cyber Insurance Industry to Experience Above Trend Sector Growth

(TheNewswire)

Integrated Cyber Solutions Inc.

Vancouver, British Columbia TheNewswire March 27, 2024 - Integrated Cyber Solutions Inc. (CSE:ICS) (FSE:Y4G). Since 2018, the global cyber insurance market has experienced remarkable growth beyond the industry average, with coverage volumes tripling over that time frame. Today, this insurance domain has generated approximately US$13 billion in gross direct premiums by 2022 and is expected to produce an industry compound annual growth rate (CAGR) of 12.3% from 2023 to 2030.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Robotic hand and human hand reaching out to touch glowing brain.

ASX AI Stocks: 5 Biggest Companies in 2024

Artificial intelligence (AI) continues to evolve and advance rapidly, becoming increasingly integrated in the automation of everyday life and a focal point of growth in the technology sector.

AI is also becoming a major focus for the Australian government, whose budget for the 2023/2024 fiscal year outlines a plan to invest AU$101.2 million in AI development and adoption over the coming years. That includes AU$17 million announced in December 2023 to fund up to five AI Adopt Centres for small- and medium-sized businesses.

According to a September 2023 report from IDC on worldwide AI spending, Australia, along with Korea and India, is leading the Asia-Pacific region in spending on AI solutions; the three countries are also leading when it comes to AI adoption in the area. Spending in the region, excluding Japan and China, is expected to reach US$28.2 billion by 2027.

Keep reading...Show less
NVIDIA logo with chip-making machine.

​Tech 5: NVIDIA Reveals New AI Products, Cryptos Pull Back, Apple Faces Lawsuit

After a two week hot streak, cryptocurrency prices experienced a modest pullback as Bitcoin exchange-traded funds (ETFs) experienced outflows and spot Ethereum ETF expectations were dampened.

Meanwhile, NVIDIA's (NASDAQ:NVDA) hotly anticipated GPU Technology Conference delivered a host of new, innovative technology, including a project for building humanoid robots, and Apple (NASDAQ:AAPL) shares pulled back after the US Department of Justice filed a lawsuit accusing the tech giant of anticompetitive behavior.

Stay informed on the latest developments in the tech world with the Investing News Network's round-up.

Keep reading...Show less

Information Management Experts Gather to Explore How AI Elevates Human Potential at OpenText World Europe 2024

OpenText™ (NASDAQ: OTEX), (TSX: OTEX), the information company, is set to host OpenText World Europe 2024 April 15 18, 2024, with a series of in-person customer conferences taking place in London Munich and Paris . The event series will bring together industry leaders, innovators, and customers to discuss how technology can enable global organizations to build for growth, experience, and sustainability.

OpenText logo (PRNewsfoto/Open Text Corporation)

"AI is revolutionizing the business world as a force multiplier for human potential. At the center of this force is trust and authenticity. Our enterprise customers need trusted, governed data to fuel the possibilities of AI. When advanced cloud technologies are applied securely to private data, organizations can get newfound value from their existing IP and begin to build trust with autonomous decisions from AI," said Mark J. Barrenechea , CEO and CTO, OpenText. "At OpenText World Europe, we look forward to showcasing how our OpenText Aviator solutions are empowering organizations to redefine roles and elevate their employees to be their best."

OpenText World Europe will provide an inspiring overview of the company's next generation developments in the cloud and at the edge. From IOT to AI-persona assistants, the innovations to be unveiled will inspire attendees to reimagine their daily work and experiences. From the CIO to the software quality engineer to the IT service manager to insurance claims agent – tomorrow's workplace will be transformed by bringing together automation and AI to disrupt our traditional cultures of knowledge.

Attendees will also learn more about OpenText Aviator – the company's family of generative AI capabilities that leverage large language models (LLMs) and private data sets to solve specific use cases. Attendees will learn first-hand from experts detailing their experiences implementing industry-specific solutions, and challenges they overcame along the way.

Event Dates:

  • London : April 15th , QEII Centre, Central London
  • Munich : April 16-17th , MOC – Event Center Messe Munich
  • Paris : April 18th , Maison de la Chimie, Central Paris

Event Highlights:

  • A keynote from OpenText CEO & CTO Mark J. Barrenechea, on AI as a force multiplier for human potential and how our next generation of information management, Edge, AI, and Security are solving tomorrow's most complex problems.
  • A keynote from Chief Product Officer Muhi Majzoub, who will dive into OpenText's cloud roadmap with Titanium X to showcase how security, trust, and governance are at the center of serving our customers.
  • Distinguished customer speakers including Carsten Trapp , CIO, Carl Zeiss , set to take center stage in Munich , and Leon Van Niekerk , Senior Manager of Test Center of Excellence, Pick-N-Pay, presenting in both London and Paris , will demonstrate how their work with OpenText has propelled their organizations forward and provide their unique industry perspectives on the future challenges and opportunities presented by AI.
  • Guest speaker Bertrand Piccard, the force behind Solar Impulse, the first airplane to fly around the world without a drop of fuel, will highlight the environmental protection goals of his recently launched World Alliance for Efficient Solutions, sharing how he envisions ecology through the lens of profitability, promoting clean and profitable solutions that are "logical" more than just "eco-logical".
  • Breakout sessions featuring updates on the combination of Aviator with each of the OpenText clouds – AI & Analytics, Content Services, Business Network, Digital Experience, Cybersecurity, IT Operations Management (ITOM) and Application Delivery Management (ADM).
  • Turbo talks that dive into the market trends, challenges, and areas of strategic interest that matter most to organizations in Europe.
  • Interactive labs offering the opportunity to experience the latest OpenText innovations, complete training courses, and contribute to product roadmaps.
  • Extensive networking opportunities to connect with OpenText experts, partners and industry peers throughout all the events.

Registration is now open, and the full agendas are available for OpenText World Europe – London , Munich and Paris . Come reimagine work with OpenText and chart your journey to the Future of AI.

About OpenText

OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com

Connect with us:

OpenText CEO Mark Barrenechea's blog

Twitter | LinkedIn

Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, readers should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website ( https://investors.opentext.com ). Such social media channels may include the Company's or our CEO's blog, Twitter account or LinkedIn account. The information posted through such channels may be material. Accordingly, readers should monitor such channels in addition to our other forms of communication.

Copyright © 2024 OpenText. All Rights Reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents .

OTEX-G

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/information-management-experts-gather-to-explore-how-ai-elevates-human-potential-at-opentext-world-europe-2024-302091600.html

SOURCE Open Text Corporation

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×