Business
KWESST Applies for Listing of Company's April 2023 Warrants
Ottawa, Ontario--(Newsfile Corp. - August 18, 2021) - KWESST Micro Systems Inc. (TSXV: KWE) (O...
About this update from Defsec Technologies Inc.
[{"type":"text","content":"KWESST Applies for Listing of Company's April 2023 WarrantsOttawa, Ontario--(Newsfile Corp. - August 18, 2021) - KWESST Micro Systems Inc. (TSXV: KWE) (OTCQB: KWEMF) (\"KWESST\" or the \"Company\"), a publicly-traded company listed on the TSX Venture Exchange (symbol: KWE) and the OTCQB© Markets (symbol: KWEMF) announced today it has applied to the TSX Venture Exchange (the \"TSXV\") for the listing of 3,536,057 common share purchase warrants (the \"Warrants\") on the TSXV. The Warrants were previously issued during the Company's over-subscribed brokered private placement of 3,536,057 units, which closed on April 29, 2021 (the \"Financing\"). The listing of the Warrants remains subject to certain conditions including the satisfaction of all of the conditions for a supplemental listing of securities on the TSXV and the approval of the TSXV. If approved, the listing will be effective after August 30, 2021, which is the expiry date of the applicable statutory four month resale restriction the Warrants are currently subject to.The Financing consisted of 3,536,057 units (the \"Units\") issued at a price of $1.25 per Unit. Each Unit was comprised of one common share of KWESST (the \"Shares\") and one Warrant. Each Warrant entitles the holder thereof to acquire one Share at an exercise price of C$1.75 for a period of twenty-four months ending April 29, 2023. If at any time after August 30, 2021, the trading price of the Shares on the TSXV is equal to or exceeds $3.00 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, provided that the Company issues a press release announcing its decision to exercise its acceleration right within the prescribed timeframe. The Warrants are governed by a warrant indenture between the Company and TSX Trust Company dated April 29, 2021.About KWESST KWESST develops and commercializes breakthrough next-generation tactical systems that meet the requirements of security forces and personal defense for overmatch capability against adversaries. The company's current portfolio of unique proprietary...