Data Deposit Box closes $499K private placement

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By CPE News

Toronto (pcJ News Briefs) – Data Deposit Box Inc. (CSE: DDB; OTCPK: DDBXF; FSE: 2DD), a provider of cloud backup and recovery technology, has closed a non-brokered private placement of 9,072,726 units at $0.055 per unit for gross proceeds of $498,999.93.

Each unit consists of one common share and one common share purchase warrant entitling the holder thereof to purchase one common share at a price of $0.07 per share for a period of twenty-four months from the date of issuance, subject to accelerated expiry.

Proceeds will be used for sales, marketing, and product development.

Data Deposit Box also announced a loan of $100,000 to an arm’s length shareholder of the company. The term of the loan is two years, at an interest rate of prime plus 0.5% payable annually, and the loan is secured against 1,818,181 common shares and 1,818,181 warrants held by such shareholder.

photo credit: Data Deposit Box