Cybeats closes oversubscribed $1.9M private placement

Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) has closed a non-brokered private placement, raising C$1,965,565, exceeding its previously announced target of C$1.5 million, according to a press release.

The Toronto-based cybersecurity company issued 11,562,147 common shares at C$0.17 per share. The securities are subject to a statutory hold period of four months and one day from the date of issuance under applicable securities laws and Canadian Securities Exchange policies.

In connection with the placement, Cybeats paid C$3,000 in finder's fees and issued 17,647 finder's warrants to an eligible finder. Each warrant is exercisable at C$0.17 per common share for one year from the date of issuance.

The company said it intends to use net proceeds to support sales and marketing initiatives, product commercialization activities, and general corporate purposes.

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