DEFSEC Technologies closes CAD$2.5M registered direct offering

DEFSEC Technologies Inc. (TSXV: DFSC) (NASDAQ: DFSC) has closed a registered direct offering of 673,006 common shares at CAD$3.74 (US$2.63) per share, raising gross proceeds of approximately CAD$2.5 million before placement agent fees and other expenses.

In a concurrent private placement, the Ottawa-based company issued unregistered warrants to purchase up to 673,006 common shares at an exercise price of CAD$4.39 per share. The warrants are immediately exercisable and expire five years from the date of issuance.

H.C. Wainwright & Co. acted as exclusive placement agent for the offering. The company paid the agent a cash fee of CAD$188,778 and issued 50,475 common share purchase warrants to the agent or its designees, exercisable at CAD$4.675 per share for five years from the commencement of sales.

DEFSEC said it intends to use net proceeds for working capital and general corporate purposes.

The common shares were offered under a shelf registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission on February 20, 2024, and declared effective on March 4, 2024. The offering remains subject to final approval from the TSX Venture Exchange.

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