KWESST Micro Systems Inc. is pleased to announce that it has entered into an agreement with PI Financial Corp., as lead agent and sole bookrunner on its own behalf and, if applicable, on behalf of a syndicate of agents in connection with a best efforts, private placement of up to 2,000,000 units of the Company at a price of C$1.25 per Unit for gross proceeds of up to C$2,500,000 .Each Unit will be comprised of one ...

KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) ("KWESST" or "the Company") is pleased to announce that it has entered into an agreement with PI Financial Corp., as lead agent and sole bookrunner (the "Lead Agent"), on its own behalf and, if applicable, on behalf of a syndicate of agents (together with the Lead Agent, the "Agents") in connection with a best efforts, private placement of up to 2,000,000 units of the Company (the "Units") at a price of C$1.25 per Unit (the "Offering Price") for gross proceeds of up to C$2,500,000 (the "Offering").

Each Unit will be comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant shall be exercisable to acquire one Common Share (a "Warrant Share") at a price of C$1.75 per Warrant Share for a period of 24 months from the closing of the Offering. If at any time after four (4) months and one (1) day following the Closing Date, the trading price of the Shares on the TSX Venture Exchange is equal to or exceeds $3 for a period of 10 consecutive trading days, as evidenced by the price at the close of market, the Company shall be entitled to notify the holders of Warrants of its intention to force the exercise of the Warrants. Upon receipt of such notice, the holders of Warrants shall have 30 days to exercise the Warrants, failing which the Warrants will automatically expire.

The Agents will have an option (the "Agents' Option") to offer for sale up to an additional 400,000 Units at the Offering Price for additional gross proceeds of up to C$500,000, which Agents' Option is exercisable, in whole or in part, at any time up to 48 hours prior to the closing of the Offering.

The Company stated that proceeds from the financing would be used to close the acquisition of the Low Energy Cartridge non-lethal system and begin the commercialization of this product, accelerate productization of the GreyGhost micro-drone missile, ramp up the Company's ATAK Centre of Excellence and accelerate productization of the Phantom electronic decoy.

The securities to be issued under the Offering will be offered by way of private placement in each of the provinces of Canada and such other jurisdictions as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.

The Offering is scheduled to close on or about April 29, 2021, or such date as agreed upon between the Company and the Lead Agent (the "Closing") and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Exchange. The Units to be issued under the Offering will have a hold period of four months and one day from Closing.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About KWESST

KWESST develops and commercializes high-value ultra-miniaturized technology applications that make a critical difference to the safety and operational effectiveness of personnel in the defence and security industries. The company's current portfolio of unique proprietary offerings include: its signature TASCSTM (Tactical Awareness and Situational Control System) for real-time awareness and targeting information from any source (including drones) streamed directly to users' smart devices and weapons; the autonomous GreyGhostTM soldier-portable micro drone missile system that defends against small hostile drones including swarms using high-speed kinetic impact; a Ground Laser Defence system to counter the emerging threat of weaponized lasers against personnel; and, the PhantomTMelectronic battlefield decoy system to mask the electromagnetic signature of friendly forces with decoy signatures at false locations to deceive and confuse adversaries. All systems can operate stand-alone or integrate seamlessly with OEM products and battlefield management systems including Frontline, Edge, Killswitch and ATAK (Android Tactical Assault Kit) among others. KWESST also has developmental "smart ordnance" projects including its "Shot Counter" system, which records the number and type of rounds fired, for optimized firearms maintenance and performance. The Company is headquartered in Ottawa, Canada, with representative offices in Washington, DC, London, UK and Abu Dhabi, UAE. KWESST trades on the TSX Venture Exchange under the symbol KWE and on the U.S. OTCQB under the symbol KWEMF.

Contact: Jason Frame, Investor Relations: frame@KWESST.com

For more information, please visit https://kwesst.com/

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of the phrase 'forward-looking information' in the Canadian Securities Administrators' National Instrument 51-102 - Continuous Disclosure Obligations. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the anticipated size of the Offering, the Offering price, the anticipated closing date and the completion of the Offering, the anticipated use of the net proceeds from the Offering, the receipt of all necessary approvals, and the Company's intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: an inability to complete the Offering on the terms or on the timeline as announced or at all; and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79583

News Provided by Newsfile via QuoteMedia

KWESST Micro Systems Taps AMW PR to Lead Public Relations, Media Strategy Initiatives

KWESST Micro Systems Taps AMW PR to Lead Public Relations, Media Strategy Initiatives

National U.S. Public Relations Firm Will Bring KWESST's Story and Proprietary Systems to Media, Public Markets

KWESST Micro Systems Inc. (OTCQB: KWEMF) (TSXV: KWE) ("KWESST," or "the Company"), a leader in providing next-generation tactical systems for security forces and personal defense, is pleased to announce that it has engaged the New York-based public relations firm AMW Public Relations to lead the Company's public relations, brand strategy, and media communications initiatives.

Keep reading... Show less
OTC Markets Group Welcomes ProStar Holdings Inc to OTCQX

OTC Markets Group Welcomes ProStar Holdings Inc to OTCQX

OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for over 11,000 U.S. and global securities, today announced ProStar Holdings Inc (TSX-V: MAPS;  OTCQX: MAPPF), a leader in Precision Mapping Solutions, has qualified to trade on the OTCQX® Best Market. ProStar upgraded to OTCQX from the OTCQB® Venture Market.

ProStar begins trading today on OTCQX under the symbol "MAPPF."  U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com .

Keep reading... Show less
InvestmentPitch Media Video Discusses Cloud DX's Selection by Medtronic for Canada-Wide Remote Patient Monitoring - Video Available on Investmentpitch.com

InvestmentPitch Media Video Discusses Cloud DX's Selection by Medtronic for Canada-Wide Remote Patient Monitoring - Video Available on Investmentpitch.com

Cloud DX Inc. (TSXV: CDX) (OTCQB: CDXFF) has been selected by Medtronic Canada ULC, to provide world-class virtual healthcare to Medtronic's patients across Canada. Medtronic Canada, (www.medtronic.ca) headquartered in Brampton, Ontario, with regional offices in Montreal and Vancouver, is the largest medical technology company in Canada, and a subsidiary of Medtronic plc (NYSE: MDT), a multi billion-dollar, global leader in medical technology, offering medical devices and therapies to more than 72 million people across 150 countries.

For more information, please view the InvestmentPitch Media "video" which provides additional information about this news and the company, along with comments from Robert Kaul, CEO of Cloud DX, about the significance of this news. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Cloud DX" in the search box.

Keep reading... Show less
The Power Play by The Market Herald Releases New Interviews with Cloud DX, Reklaim, Pacific Ridge and Legible

The Power Play by The Market Herald Releases New Interviews with Cloud DX, Reklaim, Pacific Ridge and Legible

The Power Play by The Market Herald has announced the release of new interviews with Cloud DX, Reklaim, Pacific Ridge and Legible discussing their latest press releases

The Power Play by The Market Herald provides investors with a quick snapshot of what they need to know about the company's latest press release through exclusive insights and interviews with company executives.

Keep reading... Show less

Nanalysis to Present at December Investor Conferences

Nanalysis Scientific Corp. ("Nanalysis", TSXV: NSCI OTCQX: NSCIF FRA: 1N1 ) will be presenting at three upcoming investor conferences in December. We encourage shareholders to listen in and book meetings in order to stay up to date with our developments.

Keep reading... Show less
Cloud DX selected by Medtronic for national collaboration

Cloud DX selected by Medtronic for national collaboration

Medtronic selected Cloud DX for virtual and remote patient monitoring (RPM) solutions in exclusive corporate agreement

Cloud DX (TSXV: CDX) (OTCQB: CDXFF) has been selected by Medtronic Canada ULC, a subsidiary of Medtronic plc (NYSE: MDT), a global leader in healthcare technology, to provide world-class virtual healthcare to patients across Canada . This partnership advances Medtronic's commitment to improving patient outcomes and lowering overall costs along the care continuum. Cloud DX's remote patient monitoring (RPM) technology and services are exclusive to Medtronic and its Canadian client base, which is spread across Canada. Medtronic Canada delivers care in a broad range of clinical areas, including spinal and cardiac surgeries, cardiology, critical care, diabetes, vascular and renal care. Most clinical areas are expected to improve patient outcomes and satisfaction with some aspect of virtual care in the future. Initially, Medtronic seeks to integrate the Connected Health TM platform and associated services within both perioperative and complex chronic disease pathways in Canada .

Keep reading... Show less

Top News

Related News