Liberty Defense Sets Terms for New Unit Offering in Canada
Liberty Defense Announces New Unit Offering
Liberty Defense, a pioneering provider of AI-driven security solutions, has made an important announcement regarding its latest overnight marketed offering of units. This offering aims to reinforce the company's position as a leader in the detection of concealed threats, and it has attracted significant interest due to the innovative technology that Liberty brings to the security industry.
Details of the Unit Offering
The offering will see Liberty issue 3,031,000 units at a price of $1.65 each, totaling approximately $5 million in gross proceeds. Each unit comprises one common share and a half warrant, with the whole warrant being exercisable to acquire one common share at a price of $2.05 for a 24-month period following the completion of the offering. This strategic move aims to bolster the company’s financial resources as it continues to innovate and expand.
Underwriting and Commissions
The firm has engaged Canaccord Genuity Corp. as the underwriter for this offering. Liberty has agreed to pay the underwriter a cash commission equaling 6% of the gross proceeds, in addition to issuing compensation warrants equal to 6% of the total units sold. The total offerings are intended to cover any over-allotments that might occur, ensuring a stable market environment for Liberty's shares.
Projected Use of Proceeds
Liberty Defense plans to utilize the proceeds from this offering for various crucial areas. These include enhancing business development efforts, optimizing manufacturing processes, supporting ongoing research and development, and improving the overall supply chain management. By allocating funds to these areas, the company seeks not only to bolster its current operations but also to ensure sustainable growth in the technology sector.
Timeline for the Offering
The offering is expected to close around a specified date in March, pending the successful fulfillment of regulatory requirements and other closing conditions, including acceptance by the TSX Venture Exchange. This timeline is crucial, as it allows Liberty to move forward with its expansion plans swiftly.
Important Structural Changes for Investors
Investors should note that this offering will be made available through a short-form prospectus across Canada, except for Quebec. The company intends to provide a private placement in other jurisdictions, emphasizing compliance with regulations while expanding its market reach. Furthermore, Liberty will file an amended prospectus, offering crucial insights and updated information regarding this unit offering.
Liberty's Commitment to Safety Through Innovation
Liberty Defense continues its commitment to provide advanced security solutions with products like HEXWAVE, an initiative that allows for discreet and thorough detection of threats in high-traffic areas. By leveraging technology transferred from prestigious institutions, Liberty aims to enhance safety in public spaces globally.
About the Company Leadership
The initiative is backed by a robust leadership team, including CEO Bill Frain, who is dedicated to enhancing the company’s market presence and developing innovative security solutions. Liberty's management is focused on strategic growth to meet evolving security needs while ensuring community safety.
Frequently Asked Questions
What is the purpose of the unit offering by Liberty Defense?
The offering aims to raise funds for business development, manufacturing optimization, marketing expansion, and ongoing research and development.
How will the funds from the offering be utilized?
The proceeds will enhance Liberty’s operations and support future projects to ensure the company remains at the forefront of security technology.
What are the terms of each unit being offered?
Each unit consists of one common share and a warrant, where each warrant gives the holder the right to acquire an additional common share at a set price within a specified timeframe.
What regulatory approvals are needed before the offering closes?
The offering requires approval from the TSX Venture Exchange and compliance with all necessary regulatory conditions before it can close.
Who can invest in the Liberty Defense unit offering?
Investors in Canada, excluding Quebec, as well as specific jurisdictions outside of Canada and the U.S., are eligible to participate in this offering.
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