Market Herald logo

Subscribe

Be the first with the news that moves the market
  • KWESST Micro Systems (KWE) has closed a non-secured loan financing with various lenders
  • The loan bears interest at a rate of 9.0 per cent per annum, compounded monthly and matures in thirteen months
  • KWESST has received Notices of Exercise from certain holders of warrants exercisable at a price of $0.20 for a total of $120,000
  • The gross proceeds from the loan and the exercise of warrants totals $1,920,000
  • KWESST develops and commercializes breakthrough next-generation tactical systems
  • KWESST Micro Systems Inc. (KWE) is down 3.75 per cent, trading at C$0.385 per share at 12:30 pm EST

KWESST Micro Systems (KWE) has closed a non-secured loan financing with various lenders and has received Notices of Exercise from warrant holders.

The company has also received $120,000 Notices of Exercise from certain warrant holders.

The loan bears interest at a rate of 9.0 per cent per annum, compounded monthly and matures in thirteen months. KWEEST has the option to repay the whole or any part of the loan, without penalty or premium, at any time prior to the maturity date. As part of the terms of the loan, KWESST issued an aggregate of 900,000 common shares to the lenders. 

“Given current financial market conditions and hostilities in Eastern Europe, we felt it was prudent to strengthen the company’s cash position at a time when it is advantageous to be able to build product for ready delivery of expected orders,” said David Luxton, Executive Chairman.

“I, and others in the company, are pleased to have participated in the Loan as well as exercising warrants.”

KWESST has received Notices of Exercise from certain holders of warrants exercisable at a price of $0.20 for a total of $120,000. As a result, the gross proceeds from the loan and the exercise of warrants totals $1,920,000.

In connection with the private placement, KWESST agreed to pay a $52,000 cash finder’s fee to PI Financial Corp.

KWESST develops and commercializes breakthrough next-generation tactical systems that meet the requirements of security forces and personal defence for overmatch capability against adversaries.

KWESST Micro Systems Inc. (KWE) is down 3.75 per cent, trading at C$0.385 per share at 12:30 pm EST.

More From The Market Herald

" KWESST (TSXV:KWE) gets Authorized Integrator designation

KWESST Micro Systems (KWE) has been designated an authorized integrator of Persistent Systems products.
Patriot One Technologies - CEO, Peter Evans.

" Patriot One Technologies (TSX:PAT) awarded security screening contract

Patriot One (PAT) will provide security screening technology for two venues in Kentucky.

" Patriot One Technologies (TSX:PAT) awarded contract with Canada’s Department of National Defence

Patriot One (PAT) has been awarded a contract to create an AI-powered video detection application.

" KWESST (TSXV:KWE) to commercialize a non-lethal cartridge product line

KWESST Micro Systems Inc. (KWE) has announced key details of its plan to commercialize its non-lethal Low Energy Cartridge (LEC) product line.