Cybeats Closes Over $1.65M in First Tranche of Non-Brokered Private Placement

Toronto, Ontario--(Newsfile Corp. - November 29, 2024) - Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) ("Cybeats'' or the "Company"), a global leader in software supply chain security, is pleased to announce it has completed the first tranche of its previously announced non-brokered private placement offering, issuing 10,408,750 units of the Company (each, a "Unit"), at a price of $0.16 per Unit, for gross proceeds of $1,665,400 (the "Offering").

Each Unit consists of one common share in the capital of the Company (each, a "Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant is exercisable into one Common Share at a price of $0.22 per Common Share for a period of 24 months from the date of issuance.

The Company intends to use the proceeds raised from the Offering to improve its sales and marketing infrastructure, for product delivery and core product advancement, and general corporate working capital. The Company anticipates closing a second tranche of the Offering in due course. All securities issued in connection with the Offering will be subject to a four month and one day hold as required under applicable securities laws.

In connection with the Offering, the Company paid certain eligible finders a cash fee of up to 7% of the gross proceeds raised in respect of the Offering from subscribers introduced by such finders to the Company, for a total of $15,232. In addition, the Company issued to eligible finders such number of finder warrants (each, a "Finder Warrant") equal to 7% of the number of Units sold under the Offering to subscribers introduced by such finders to the Company, for a total of 95,200 Finder Warrants. Each Finder Warrant will entitle the holder to acquire one Common Share at an exercise price of $0.22 per share for a period of 24 months following the date of issuance.

Insiders of the Company acquired an aggregate of 5,096,250 Units under the Offering. As such, this participation constitutes a "related party transaction" as defined under Multilateral Instrument 61- 101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 in respect of such insider participation. The Company did not file a material change report 21 days prior to the closing date of the Offering as details of the respective participation of such insiders in the Offering was unknown at such time.