Data Deposit Box Inc. (the “Company”) (CSE: DDB) (OTCQB: DDBXF) (FSE: 2DD), a global provider of cloud backup and recovery technology, is pleased to announce that it intends to complete a non-brokered private placement financing of up to 2,500,000 units (each, a “Unit”) at a price of $0.20 per Unit for gross proceeds of up to $500,000 (the “Offering”).
Each Unit shall be comprised of one common share (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.30 per Common Share for a period of twelve (12) months from the date of issuance (the “Warrant Term”), provided, however, that should the closing price at which the Common Shares trade on the Canadian Securities Exchange (or any other stock exchange in Canada as the Common Shares may trade at the applicable time) exceed $0.35 for 10 consecutive trading days at any time following the date that is four months and one day after the Closing Date, the Company may accelerate the Warrant Term upon providing thirty calendar days’ notice.
The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period. The Offering is also subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange and applicable securities regulatory authorities. Certain eligible persons may receive finder fees in connection with the Offering in the way of cash commission and/or compensation warrants. The Company will use the net proceeds from the Offering for marketing, product development, debt reduction and G&A expenses.
About Data Deposit Box
Data Deposit Box, a pioneer of cloud backup and recovery technology, has set a new industry standard by providing the SMB market with the same level of security and protection that is available to large enterprises. Data Deposit Box patented backup technology, known for its Exabyte scalability, advanced data reduction capabilities and ease-of-use, has won prestigious industry awards and has been featured in many key industry publications.
Data Deposit Box technologies and solutions are currently used daily by over 200,000 customers, 1,000 resellers, 25 MSPs and private label partners for online backup and recovery, archiving, disaster readiness, secure file sharing and remote access.
W. Clark Kent
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.