On July 21, 2023, KWESST Micro Systems Inc. closed the transaction. The company issued 1,542,194 common shares at a price of CAD 2.98 per common share for the gross proceeds of CAD 4,595,738.12 and 930,548 prefinanced warrants at a price of CAD 2.979 per prefinanced warrant for the gross proceeds of CAD 2,772,102.492, for the aggregate gross proceeds of CAD 7,367,840.612. The offering remains subject to the final approval of the TSX Venture Exchange.

As compensation for services rendered, the company paid to ThinkEquity, LLC a cash fee of CAD 475,013.14, representing 8.5% of the aggregate gross proceeds of the offering, and issued 123,637 warrants to purchase a number of common shares. The company has raised CAD 7,472,516.89 pursuant to exemption provided under Regulation D from 22 investors.