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TORONTO, ON – February 5, 2016 — /BackupReview.info/ — Data Deposit Box Inc. (CSE: DDB) (OTCQB: DDBXF) (FSE: 2DD) (the “Company”), a global provider of cloud backup and recovery technology, is pleased to announce that, further to its press releases dated December 29 and December 31, 2015, the Company’s previously announced private placement financing (the “Offering”) has been over-subscribed. The Company has completed the second and final tranche (“Second Tranche”) of the Offering raising additional gross proceeds of $201,000 through the issuance of 1,005,000 units (the “Units”).
The aggregate gross proceeds raised pursuant to the Offering was $576,000 through the issuance of 2,880,000 Units. Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”).
Each Warrant entitles the holder thereof to purchase one Common Share at a price of CDN$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 such 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 date of issuance, the Company may accelerate the Warrant Term (“Reduced Warrant Term”) such that the Warrants shall expire on the date which is 30 calendar days following the date a press release is issued by the Company announcing the Reduced Warrant Term. Gross proceeds raised from the Offering will be used for marketing, product development and general operating expenses.
Certain eligible persons (the “Finders”) were paid a cash commission equal to 8% of the proceeds raised from subscribers introduced to the Company by such Finder and also issued an aggregate of 40,000 broker warrants (the “Broker Warrants”) to Finders, each Broker Warrant entitling the holder to acquire one Common Shares at a price of $0.20 for a period of one year from the date of issuance, subject to the Reduced Warrant Term.
The securities issued upon closing of the Second Tranche are subject to a hold period until June 6, 2016, pursuant to applicable securities laws.
About Data Deposit Box
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.
Visit the Company’s website at: www.datadepositbox.com
Source: Data Deposit Box
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