Core Points - KWESST Micro Systems Inc. intends to issue 119,047 common shares at a deemed price of $0.84 per share, representing a 20% discount on the closing price prior to the announcement [1] - The total amount for the debt settlement is $100,000 owed to a company controlled by Mr. David Luxton, the Executive Chairman [1] - Mr. Luxton will receive 95,238 shares as part of the debt settlement, which is classified as a related party transaction under Multilateral Instrument 61-101 [2] - The board of directors, excluding Mr. Luxton, unanimously approved the debt settlement, determining it to be in the best interest of the company to preserve cash [3] - The shares issued will be subject to a four-month hold period and will not be registered under the U.S. Securities Act of 1933 [4] Company Overview - KWESST develops and commercializes next-generation tactical systems for military and security forces, including digitization of tactical forces and countermeasures against various threats [5] - The company's product offerings include real-time shared situational awareness systems and a new non-lethal product line branded PARA OPSTM, applicable across law enforcement and other segments [5] - KWESST is headquartered in Ottawa, Canada, with representative offices in London, UK, and Abu Dhabi, UAE [5]
KWESST Announces Issuance of Shares in Payment of Certain Debts