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viewByrna Technologies Inc.

Security Devices closes over $2 million in financing for working capital

The company’s stock sale was closed in two tranches in April and May

Security Devices International Inc's Byrna HD
Similar in size to a handgun, the Byrna HD device comes with easily reloadable magazines that can hold .68-caliber training rounds or chemical payloads designed to burn an assailant’s eyes and respiratory system

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.

READ: Security Devices kicks off Byrna HD personal security device sales with launch of its e-commerce store

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]

Follow her on Twitter@UttaraProactive 

Quick facts: Byrna Technologies Inc.

Price: 1.26 USD

OTCQB:BYRN
Market: OTCQB
Market Cap: $159.14 m
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