DEFSEC Technologies closes C$5.54 million private placement

OTTAWA - Defense security technology company DEFSEC Technologies Inc. concluded a private placement on today, selling 1.95 million common shares at C$2.84 each, according to a press release. The offering also included common shares and pre-funded warrants, with each warrant allowing holders to acquire one share at C$3.30 in 60 months.

Pre-funded warrants were exercisable at C$0.001 per share. H.C. Wainwright & Co. acted as the exclusive placement agent, receiving a 7.5% cash fee on the gross proceeds. DEFSEC plans to use the net proceeds for business growth, intellectual property protection, and general working capital. The company raised C$5.54 million, or $4.0 million before fees.

The securities were not registered under US securities law and sold under an exemption. DEFSEC specializes in tactical systems for military and security forces, including digital situational awareness technology. The company is based in Ottawa, Canada.