Liberty Defense Holdings Ltd. (TSXV: SCAN) (OTCQB: LDDFF) (FRANKFURT: LD2A), a leading technology provider of AI-based next generation detection solutions for concealed weapons and threats, is pleased to announce that it has closed an investment by Viken Detection Corp. pursuant to which Viken purchased 9,090,909 units of the Company at an issue price of US$ 0.11 per Unit, for gross proceeds of US$1 million.
Each Unit consists of one common share of the Company and one common share purchase warrant (a “Warrant“). Each Warrant will entitle the holder thereof to acquire, on payment of C$0.20 to the Company, one common share of the Company, subject to adjustment in certain circumstances, unit February 26, 2027. The Warrants will contain blocker language restricting the exercise of the Warrants in the event such exercise results in Viken holding more than 9.9% of the outstanding voting securities of the Company.
“This investment further demonstrates the commitment from Viken in the HEXWAVE technology and the overall need for next-generation on person screening technology, to detect non-metallic and metallic threats” said Bill Frain, Liberty’s CEO. “Unfortunately, we continue to see acts of violence in the Americas requiring enhanced security measures, and this investment will help us accelerate the delivery of product to the marketplace.”
The proceeds from the Offering will be used to further the production of HEXWAVE technology and for general corporate purposes.
The Offering is being conducted pursuant to an exemption from the prospectus requirements under applicable securities laws. The securities issued pursuant to the Offering are subject to hold period expiring June 27, 2024.
On Behalf of Liberty Defense
Bill Frain
CEO & Director
Liberty Defense (TSXV: SCAN, OTCQB: LDDFF, FRANKFURT: LD2A) provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security such as airports, stadiums, schools, and more. Liberty’s HEXWAVE product, for which the company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons. Liberty has also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio. Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions. Learn more: LibertyDefense.com
