KWESST Micro Systems Raises CAD$3.5 Million through Brokered Private Placement
Ottawa, Ontario – KWESST Micro Systems Inc. (KWE, KWESW, KWE.V) is thrilled to announce the successful completion of a brokered private placement, securing approximately CAD$3.5 million (US$2.5 million) in gross proceeds. This investment will fuel the Company’s continued growth and innovation in the defense technology sector.
Details of the Private Placement
Under the terms of the definitive securities purchase agreements, KWESST will issue a combination of common shares and pre-funded warrants to accredited and institutional investors. The offering will consist of:
- 3,787,879 common shares at a price of CAD$0.928 (US$0.66) per share
- Or pre-funded warrants to acquire one common share each, in lieu of common shares, at the same price
The exercise price of the warrants is set at CAD$0.001 per common share.
Impact on KWESST
This strategic investment will enable KWESST to:
- Advance the development of its cutting-edge technologies, such as the TASCS system and the ATA58 Integrated Fires Module
- Expand its production capacity to meet growing demand
- Strengthen its balance sheet, bolstering its financial position for future growth
Global Implications
The successful private placement is a testament to KWESST’s growing reputation as a leader in defense technology. This investment:
- Reaffirms the demand for advanced defense solutions in an increasingly complex global security landscape
- Further positions KWESST as a key player in the defense industry, contributing to technological advancements and innovation
- May lead to potential collaborations and partnerships with other industry leaders, driving further growth and progress
Conclusion
KWESST Micro Systems’ successful brokered private placement marks an exciting milestone for the Company. With this newfound financial support, KWESST will continue to innovate and develop its advanced defense technologies, while making a significant impact on the global defense industry. This investment not only strengthens KWESST’s position as a leader in the field but also reaffirms the growing demand for cutting-edge defense solutions in an increasingly complex world. Stay tuned for further updates on KWESST’s continued growth and success.
