VANCOUVER, BC, Jan. 6, 2025 /PRNewswire/ — 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).

Scope Technologies Corp Logo (PRNewsfoto/Scope Technologies Corp)

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.”