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Security Devices closes over $2 million in financing for working capital

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Security Devices International Inc (OTCMKTS:SDEV) (CSE:SDZ), a Wakefield, Massachusetts-based non-lethal defense technology company, announced Thursday it has raised cash for working capital through an offering of its stock.

The creator of the hot-selling Byrna, which dispenses chemical irritants from a handgun-like security device, offered investors offerings of $2,080,264.61 units, with each $1,000 unit consisting of a $1,000 unsecured promissory note, convertible into the company’s stock at .001 per share; and 4,000 warrants, each worth one share at an exercise price of $0.25 per share.

READ: Security Devices kicks off Byrna HD personal security device sales with launch of its e-commerce store

The company said the sale was closed in two tranches. The first tranche closed on April 22, 2019, with an issuance of $1,715,265.71 units, and the second tranche of $364,999.90 units closed on Monday.

The net proceeds from the sale of the units will be used to repay at maturity the company’s Series B convertible secured debentures and for working capital, the company said.

Security Device makes the small, lightweight 0.68 caliber hand-held Byrna security device which is equipped with a five-round magazine capable of accurately and effectively hitting a target at up to 60 feet — without causing serious injury.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

Story by ProactiveInvestors



Source: https://www.proactiveinvestors.com/companies/news/220860/security-devices-closes-over-2-million-in-financing-for-working-capital-220860.html


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