DEFSEC Technologies closes CAD$2.1 million registered direct offering

DEFSEC Technologies Inc. (TSXV: DFSC) (NASDAQ: DFSC) completed a registered direct offering of 566,040 common shares at CAD$3.64 per share, generating gross proceeds of approximately CAD$2.1 million.

The Ottawa-based company issued the shares alongside unregistered warrants to purchase up to 566,040 common shares at an exercise price of CAD$4.27 per share. The warrants are immediately exercisable and expire five years from issuance.

H.C. Wainwright & Co. served as the exclusive placement agent for the offering. The company paid a cash fee of CAD$154,529 to the placement agent and issued 42,453 common share purchase warrants with an exercise price of CAD$4.55 per share, exercisable for five years.

DEFSEC stated it intends to use the net proceeds for working capital and general corporate purposes. The common shares were offered under a shelf registration statement filed with the Securities and Exchange Commission in February 2024 and declared effective in March 2024.

The unregistered warrants were offered through a private placement under Section 4(a)(2) of the Securities Act of 1933 and were not registered under the Securities Act. These warrants and underlying shares cannot be resold in the United States except under an effective registration statement or applicable exemption.

The offering remains subject to final approval from the TSX Venture Exchange. DEFSEC develops tactical systems for military and security forces, including digitization technology for situational awareness and countermeasures against electronic threats.

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