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  • KWESST Micro Systems (KWE) has closed its non-brokered private placement for gross proceeds of $1.5 million
  • The company issued 750,000 units at a price of $2.00 per unit
  • KWESST has granted an over-allotment option to Haywood Securities entitling them to acquire up to 45,000 additional common shares
  • KWESST develops intelligent tactical systems for military applications
  • KWESST Micro Systems Inc. (KWE) is up 5.14 per cent, trading at C$2.25 per share at 1:30 pm ET

KWESST Micro Systems (KWE) has closed its non-brokered private placement for gross proceeds of $1.5 million.

The company issued 750,000 units at a price of $2.00 per unit.

“The financing was provided by two investors namely a financial institution which is already a shareholder of KWESST and sought to increase its position and one new strategic investor,” said Executive Chairman David Luxton.

“This comes at a time when we are ramping up go-to market efforts on all fronts, especially for our non-lethal cartridge-based firing platform called the Low Energy Cartridge system. The Low Energy Cartridge system’s official commercial launch will take place at the January 2022 SHOT Show in Las Vegas.”

Each of the 750,000 units is comprised of one common share and one common share purchase warrant. Each warrant can be exercised to acquire one additional common share of KWESST at a price of $2.35 for a period of 24 months.

In the event that the closing price of the common shares of KWESST on the TSX Venture Exchange is at least $4.60 for a period of at least 3 consecutive trading days, the warrants will expire on the 30th day after the date on which KWESST notifies the warrant holders.

KWESST paid a cash commission of $90,000 to Haywood Securities Inc. KWESST also granted an over-allotment option to Haywood Securities entitling them to acquire up to 45,000 additional common shares at a price of $2.00 per share for a period of 24 months.

The securities issued in the private placement are subject to a four-month hold period, expiring on January 16, 2022. KWESST develops and commercializes high-value ultra-miniaturized technology applications that make a critical difference to the safety and operational effectiveness of personnel in the defence and security industries.

KWESST Micro Systems Inc. (KWE) is up 5.14 per cent, trading at C$2.25 per share at 1:30 pm ET.

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