NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES
TAMPA, Fla -- (Business Wire)
(TSX-V:SDZ) (OTCQB:SDEV)
Security Devices International Inc. (“SDI” or “The Company”) is a
defense technology company specializing in the development,
manufacturing and sale of innovative, next generation
less-lethal ammunition.
The Company announced today that it has accepted a USD$2,500,000
subscription for the sale of 7,575,757 common shares at a price of
USD$0.33 (CDN$0.41) per share on a non-brokered private placement basis.
There will be no broker commissions or fees associated with this
subscription.
The subscriber is a United States based, strategic investor. The common
shares will be subject to a hold period of four months from closing
under stock exchange rules and a hold period of 12-months under SEC
rules.
The proceeds from the placement will be used for growth opportunities,
sales and marketing initiatives, new product releases, as well as
general working capital.
Upon completion of the private placement, the subscriber will own
approximately 13.9% of the outstanding common shares of the Company. The
closing of the private placement is subject to approval of the new
insider by the TSX-Venture Exchange, as required under stock exchange
rules. The Company expects that the stock exchange will require up to
four weeks to complete its approval process.
The securities offered have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or applicable exemption
from the registration requirements. This news release does not
constitute an offer to sell or the solicitation of any offer to buy nor
will there be any sale of these securities in any province, state or
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such province, state or jurisdiction.
About Security Devices International
Security Devices International Inc. (SDI) is a defense technology
company specializing in the sale of innovative, next generation
non-lethal ammunition. The Company’s solutions are a safer alternative
to conventional crowd control devices currently in the marketplace, such
as bean-bags, batons, as well as both plastic and rubber bullets. SDI is
currently deploying their family of non-lethal ammunition to foreign
militaries, law enforcement, correctional services and homeland security
agencies across the globe.
This press release is for information purposes only and does not
constitute an offer to sell or a solicitation of an offer to buy any
securities of SDI in any jurisdiction.
Forward Looking Statement
The information in this news release includes certain information and
statements about management’s view of future events, expectations, plans
and prospects that constitute forward looking statements including
information with respect to the offering. More particularly, this press
release contains forward-looking statements concerning the timing of
closing the offering, the anticipated use of proceeds and the receipt of
the required approvals. Because of certain risks and uncertainties and
as a result of a variety of factors, the actual results,
expectations, achievements or performance may differ materially from
those anticipated and indicated by these forward looking statements.
Although SDI believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurances that the
expectations of any forward looking statements will prove to be correct.
In addition to other risks, the closing of the offering could be delayed
if SDI is not able to obtain necessary approvals when planned and the
offering will not be completed at all if approvals are not obtained or
some other condition to the closing is not satisfied. Accordingly, there
is a risk that the offering will not be completed within the anticipated
time or at all. The intended use of the proceeds of the offering by SDI
might change if SDI determines that it would be in the best interests of
SDI to use the proceeds for some other purpose. The forward-looking
statements contained in this press release are made as of the date
hereof. Except as required by law, SDI disclaims any intention and
assumes no obligation to update or revise any forward looking statements
to reflect actual results, whether as a result of new information,
future events, changes in assumptions, changes in factors affecting such
forward looking statements or otherwise.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150529005143/en/
Contacts:
Security Devices International Inc.
Dean Thrasher, 905-582-6402 x
104
COO
www.securitydii.com
Source: Security Devices International Inc.
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