[June 24, 2014] |
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SDI Announces Brokered Private Placement
WASHINGTON --(Business Wire)--
(TSX-V:SDZ) (OTCBB: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 non-lethal
ammunition.
SDI announces that as per the Company's growth strategy, it will be
arranging a brokered private placement, pending TSX Venture Exchange
approval. Security Devices International Inc. has engaged Fin-XO
Securities Inc. to arrange a financing, on a best efforts basis, for
gross proceeds totaling no less than $1,000,000 but no more than
$1,500,000 via convertible debenture.
The terms of the convertible debenture include a non-secured instrument,
having a thirty-six (36) month maturity, carrying an interest rate of
twelve percent (12%) per annum payable in cash on a semi-annual basis.
The principal amount of the debentures are convertible at the holder's
option at any time into SDI common shares at a conversion price of fifty
cents ($0.50). Upon TSX Venture Exchange approval the private placement
is set to close on or before July 31, 2014.
The Company intends to use the proceeds from this private placement for
the expansion and build-out of its network sales force in order to
increase the global reach for sales of it's full family of 40mm
less-lethal ammunition. As well, in adhering to the Company's goal of
providing timely and orderly delivery of product to end-users, the
management team will be building a sizable inventory of fully assembled,
manufactured Blunt Impact Projectiles (BIPs). Thi inventory
"stock-piling" will allow SDI to fulfill any potential orders at a rapid
pace.
Fin-XO Securities Inc. is a member of the Investment Industry Regulatory
Organization of Canada (IIROC), the TSX Venture Exchange and the
Canadian Investor Protection Fund (CIPF) and is registered as a Full
Service Investment Dealer in Quebec, Ontario, Alberta, British Columbia,
New Brunswick, Manitoba, Saskatchewan and Nova Scotia. Fin-XO is
Quebec's second largest independent full-service investment dealer. The
firm provides its private and institutional clients with access to a
diversified range of investment products and services based on expertise
acquired in the field of investments since its inception in 1989.
Additionally, in conjunction with the May 5th press release
announcing Keith Morrison as the new Chairman of the Board of Directors,
SDI announces that the terms of stock option grant include the award of
600,000 options at an exercise price of $0.35 with an expiry of May 2019.
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. 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. 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.
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