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DEFSEC Technologies Down 16% as It Seeks C$5.5 Million in a Private Placement of Share Units

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DEFSEC Technologies (DFSC.V, DFSC) was last seen down 16% after the company on Monday said it plans to raise C$5.5 million in a private placement of share units.

The company said it will place up to 1.95-million units, or prefunded warrants, priced at C$2.84 each and made up of a share and a five-year warrant to buy a share for C$3.30. Its shares were last seen down C$0.66 to C$3.52 on the TSX Venture Exchange

Each of the company's pre-funded warrant will be exercisable to buy a share for C$0.001 per common share. Closing of the offering is expected on or about Aug. 18, subject to some conditions and approvals.

DEFSEC intends to use proceeds for business and market development, intellectual property protection and registrations and general working capital needs.

Price: $3.52, Change: $-0.66, Percent Change: -15.79%

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