Security Devices International Inc (OTCMKTS:SDEV) (CSE:SDZ), a Wakefield, Massachusetts-based non-lethal defense technology company, announced Thursday it has raised cash for working capital through an offering of its stock.
The creator of the hot-selling Byrna, which dispenses chemical irritants from a handgun-like security device, offered investors offerings of $2,080,264.61 units, with each $1,000 unit consisting of a $1,000 unsecured promissory note, convertible into the company's stock at the par value of 0.001 per share; and 4,000 warrants, each worth one share at an exercise price of $0.25 per share.
The company said the sale was closed in two tranches. The first tranche closed on April 22, 2019, with an issuance of $1,715,265.71 units, and the second tranche of $364,999.90 units closed on Monday.
The net proceeds from the sale of the units will be used to repay at maturity the company's Series B convertible secured debentures and for working capital, the company said.
Security Device makes the small, lightweight 0.68 caliber hand-held Byrna security device which is equipped with a five-round magazine capable of accurately and effectively hitting a target at up to 60 feet — without causing serious injury.
—(Updates with clarification about par vaue) —
Contact Uttara Choudhury at [email protected]