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TORONTO, ON – June 22, 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, further to its press release dated March 20, 2016, that the Company has completed the second tranche (“Second Tranche”) of a non-brokered private placement financing (the “Offering”) of up to 4,000,000 units (each, a “Unit”) at a price of $0.20 per Unit for gross proceeds of up to $800,000. Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”), entitling the holder thereof to purchase one Common Share at a price of $0.25 per Common Share for a period of twelve (12) months from the date of issuance.
The Company has completed the Second Tranche of the Offering issuing 1,725,000 Units raising gross proceeds of $345,000. Through the Offering, the Company has issued an aggregate total of 3,434,999 Units and raised aggregate gross proceeds of $686,999.80. Proceeds raised from the Offering will be used for marketing, product development and general operating expenses.
Pursuant to the closing of the Second Tranche, 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 90,000 warrants (the “Finder Warrants”) to Finders, each Finder Warrant entitling the holder to acquire one Common Share at a price of $0.20 for a period of one year from the date of issuance.
The securities issued upon closing of the Second Tranche are subject to a hold period until October 23, 2016, pursuant to applicable securities laws. The Company expects to complete one or more additional tranches of the Offering.
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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