KWESST (TSX-V:KWE, OTCQB:KWEMF) Micro Systems Inc's David Luxton tells Proactive it closed a non-brokered private placement of 750,000 units at $2 per unit, raising gross proceeds of $1.5 million.
The tech group, which provides solutions to the military, said the financing was provided by two investors including a financial institution that is already a shareholder of KWESST and sought to increase its position and one new strategic investor. The group is ramping up go-to-market efforts, especially for its non-lethal cartridge-based firing platform called the Low Energy Cartridge.