Security Devices International Announces Share Issuance
PERRY, Fla.--(BUSINESS WIRE)-- Security Devices International Inc. (“SDI”):
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES
(TSX-V:SDZ) (OTCBB:SDEV) Security Devices International Inc. (“SDI”) reports that it has made the fourth and final instalment share issuance to Northeast Industrial Partners under the consulting agreement announced on June 20, 2016. SDI issued 534,941 common shares at a deemed price of CAD$0.1275 per share to satisfy the payment of USD $50,000 due on May 15, 2017. The shares are subject to a four-month hold period expiring on September 16, 2017.
Northeast Industrial Partners is controlled by Mr. Bryan Ganz, the President and a director of SDI. Northeast Industrial Partners is a related party of SDI under Multilateral Instrument 61-101 (“MI 61-101”). SDI is exempt from the formal valuation requirement and shareholder approval requirement of MI 61-101.
The Company furthermore announces the issuance of 970,000 options under the SDI option plan to specified management and board of directors. These options have an expiry date of May 25, 2022 with an exercise price of CAD$0.20.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute forward-looking statements. These statements relate to future events or SDI’s future performance and include the expansion of SDI’s product offering and the completion of several development projects. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of SDI believes are reasonable assumptions on the date of this news release, SDI cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and SDI disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
About Security Devices International Inc.
SDI is a technology company specializing in the areas of Military, Law Enforcement, Corrections, and Private Security. The Company develops and manufactures innovative, less lethal equipment and munitions that are safe, effective, and reliable.
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Security Devices International Inc.
Dean Thrasher
CEO
[email protected]
Source: Security Devices International Inc.
Released May 26, 2017