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Data Deposit Box Announces Second Closing of Private Placement

For additional proceeds of $345,000

Data Deposit Box Inc., provider of cloud backup and recovery technology, announced, further to its press release dated March 20, 2016, that the company has completed the second tranche of a non-brokered private placement financing of up to 4,000,000 units 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 and one common share purchase warrant, entitling the holder thereof to purchase one common share at a price of $0.25 per common share for a period of twelve 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 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 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.

Read also:
Private Placement Financing by Data Deposit Box Over-Subscribed
Raising additional gross proceeds of $201,000
2016.02.08 | Press Release
Data Deposit Box Intends to Complete Private Placement …
For gross proceeds of up to $500,000
2016.01.04 | Press Release
… And Then Completed First Tranche
For $375,000
2016.01.04 | Press Release

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