Vancouver, British Columbia--(Newsfile Corp. - January 3, 2023) - Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) ("Plurilock" or the "Company"), an identity-centric cybersecurity solutions provider for workforces, is pleased to announce that it has closed the second tranche ("Second Tranche") of its previously announced non-brokered private placement financing (the "Offering"). The Second Tranche consisted of 2,447,022 units of the Company ("Units") at a price of $0.14 per Unit, for aggregate gross proceeds of $342,583.08, bringing the aggregate gross proceeds of the Offering to $1,556,120.30. The Company is also pleased to announce that it is increasing the Offering from $1,500,000 to $2,500,000.

Each Unit consists of one common share in the capital of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one additional share (a "Warrant Share") at a price of $0.25 per Warrant Share until December 30, 2024.

In connection with the Second Tranche, the Company paid arm's length finders (each, a "Finder") an aggregate of $16,461.20 and issued an aggregate of 117,580 warrants (each, a "Finder's Warrant"), representing 7% of the proceeds raised from those purchasers introduced by such Finder and 7% of the total number of Units sold to investors introduced by such Finder. Each Finder's Warrant provides that such Finder may acquire common shares of the Company (each a "Finder's Warrant Share") at a price of $0.14 per Finder's Warrant Share until December 30, 2024.

The Second Tranche was completed pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions and therefore the securities issued in the Offering are not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document (the "Offering Document") related to the Offering that can be accessed under the Company's profile at www.sedar.com and at https://plurilock.com/. Prospective investors should read this offering document before making an investment decision.

The Offering Document was amended and restated on January 3, 2023 to reflect the increased offering size. As disclosed in the Offering Document, the Company intends to use the proceeds raised from the Offering for general corporate purposes. The Company expects to close one or more additional tranches of the Offering.

The securities issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

About Plurilock

Plurilock provides identity-centric cybersecurity for today's workforces. The Plurilock family of companies enables organizations to operate safely and securely while reducing cybersecurity friction. Plurilock offers world-class IT and cybersecurity solutions through its Solutions Division, paired with proprietary, AI-driven and cloud-friendly security through its Technology Division. Together, the Plurilock family of companies delivers persistent identity assurance with unmatched ease of use.

For more information, visit https://www.plurilock.com or contact:

Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566

Roland Sartorius
Chief Financial Officer
roland.sartorius@plurilock.com

Prit Singh
Investor Relations
prit.singh@plurilock.com
905.510.7636

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.