DEFSEC Technologies Inc. said it closed a private placement raising approximately C$5.54 million (about $4.0 million) before fees, according to a regulatory filing.
The Ottawa-based company issued 1,951,219 common shares at C$2.84 per share through H.C. Wainwright & Co., which served as the placement agent. The offering also included common shares or pre-funded warrants priced at the same level, alongside common share purchase warrants.
Each common warrant entitles the holder to acquire one common share at C$3.30 for 60 months post-closing, while pre-funded warrants are exercisable at C$0.001 per share. H.C. Wainwright received warrants equivalent to 7.5% of the total shares and pre-funded warrants sold, exercisable at C$3.55 for 60 months.
The company paid H.C. Wainwright a cash fee equal to 7.5% of the gross proceeds. DEFSEC intends to use net proceeds for business and market development, intellectual property protection, and general working capital.
DEFSEC develops tactical systems for military and security forces, including digitization technology for situational awareness and electronic threat countermeasures. The securities were sold without registration under the U.S. Securities Act of 1933 via an exemption, with DEFSEC agreeing to file registration statements with the SEC to cover resale of the unregistered shares.
