- Kwesst Micro Systems (OTCQB:KWEMF) announced two concurrent public offerings totaling ~$13.3M.
- The firm priced an underwritten U.S. public offering of 2.5M units, each consisting of one share and one warrant to buy a share, at a price of $4.13/unit.
- The warrants have a per share exercise price of $5, can be exercised immediately, and expire five years from the date of issue.
- The underwriter has a 45-day option to buy up to an additional 375K shares and/or pre-funded share purchase warrants.
- In a simultaneous underwritten Canadian offering, Kwesst (OTCQB:KWEMF) will issue ~726.4K units, each consisting of one share and one warrant to buy a share, at a price of $4.13/unit.
- The warrants will have a per common share exercise price of $5, are exercisable immediately and expire five years from the date of issue.
- Net proceeds will be used for working capital, including commercial roll-out of PARA OPS in the U.S., repayment of certain outstanding loans and other general corporate purposes.
- Kwesst (OTCQB:KWEMF) may use of a portion of the proceeds for acquisitions or strategic investments.
- Both offerings are expected to close on December 9.