Scope Technologies Announces Convertible Debt Financing to Drive Growth and Innovation

VANCOUVER, BC, Jan. 6, 2025 /CNW/ -- Scope Technologies Corp. (CSE: SCPE) (OTCQB: SCPCF) (FSE: VN8) ("Scope Technologies" or the "Company") is pleased to announce a $1 million CAD convertible debt financing from First Majestic Silver Corp. (TSX: AG; NYSE: AG; Frankfurt: FMV) ("First Majestic"), a publicly traded mining company, in addition to its previously announced $1.8 million CAD non-brokered private placement financing (see news release dated December 27, 2024).

This strategic funding will be allocated to operational growth, business development, and product management, further advancing Scope Technologies' mission to deliver quantum-resistant encryption and data storage solutions to businesses worldwide.

First Majestic's investment underscores the critical importance of secure, scalable solutions in today's rapidly evolving technological landscape. Their commitment follows the successful completion of a Proof of Concept ("POC") process, during which Scope Technologies demonstrated the safety, robustness, and scalability of its quantum-resistant technologies. This POC not only solidified First Majestic's decision to sign on as an enterprise client but also reaffirmed the strength of Scope's solutions.

Sean Prescott, CTO of Scope Technologies, commented: "Having a POC completed by such a reputable and established company like First Majestic is a significant milestone for us, this was a rigorous test by a global organization. Their confidence speaks volumes about the robustness and security of our solutions."

The $1 million CAD convertible debt financing from First Majestic includes favorable terms, featuring an annual interest rate of 4% and maturing within one year. Scope Technologies will also provide First Majestic the sole right to convert the principal amount of the loan at $1.40 per share. This debt financing complements the previously announced $1.8 million CAD non-brokered private placement financing, further strengthening Scope's financial foundation as it continues to scale its operations and expand its market presence.

"This funding will assist us in scaling operations and accelerating business development to bring our quantum-resistant solutions to more businesses. It also positions us to stay ahead of the growing advancements in quantum computing, ensuring our clients remain secure in an evolving technological landscape," said James Young, CEO of Scope Technologies. "We are grateful for First Majestic's continued trust in our vision and capabilities. The quantum computing space is moving fast, and we must move fast to stay ahead."

Scope Technologies invites businesses to explore the benefits of quantum security and machine learning by contacting the company to secure their own quantum-resistant data vaults today at https://www.qse.group/.

For more information on Scope, please visit www.scopetechnologies.io.

About Scope Technologies Corp.

Headquartered in Vancouver, British Columbia, Scope Technologies Corp is a pioneering technology company specializing in quantum security and machine learning. Through its flagship brands, QSE Group and GEM AI, Scope provides next-generation solutions in data security, quantum encryption, and neural networks, empowering businesses with secure, scalable technologies that drive growth and operational efficiency.

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Contact Information:

James Young
CEO, Scope Technologies Corp.
Email: [email protected]
Phone: [phone]
Website: www.scopetechnologies.io

Cautionary Note Regarding Forward-Looking Statements 

This news release contains forward-looking statements that constitute forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that are not purely historical statements of fact are forward-looking statements and include statements regarding beliefs, plans, expectations, future, strategy, objectives, goals and targets, and more specifically, the use of proceeds of the Offering. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "aim", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks and are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, those risks and assumptions described in the Company's latest management discussion and analysis, a copy of which is available under the Company's profile on SEDAR at www.sedar.com. While Scope considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this press release. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions, continued satisfaction of Canadian Securities Exchange requirements, product safety and recalls, regulatory compliance and risks associated with the Company's business. Forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.

The Canadian Securities Exchange has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

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SOURCE Scope Technologies Corp.