Security Devices International Announces $4.5 Million Financing
TORONTO, April 27 /PRNewswire-FirstCall/ -- Security Devices International (OTC Bulletin Board: SDEV), a developer of the LEKTROX family of wireless non-lethal ammunition solutions, announces that it has raised approximately $4.5 million (approximately $4.24 million after commissions and offering expenses) from the sale of its common stock to a group of Institutional and private investors. Salman Partners acted as agent in connection with the Brokered Offering. The shares were sold at a price of $2.25 per share.
Sheldon Kales, Chief Executive Officer of Security Devices, said, "Proceeds from the private placement will allow us to move forward as planned to complete the development of our LEKTROX ammunition series."
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.
Security Devices has not authorized the release of this press release in any form that contravenes any law or regulation and will not be responsible for the unsolicited distribution of this material by e-mail or facsimile by unauthorized parties. Statements in this press release, which are not historical facts, are 'forward-looking statements' within the meaning given to that term in the Private Securities Litigation Reform Act of 1995. Security Devices intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, Security Devices' actual results could differ materially from expected results.
SOURCE Security Devices International
Released April 27, 2007