SECURITY DEVICES INTERNATIONAL INC. (OTCMKTS:SDEV) Files An 8-K Unregistered Sales of Equity Securities

SECURITY DEVICES INTERNATIONAL INC. (OTCMKTS:SDEV) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities.

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On December 31, 2019 the Company granted the following incentive stock options to its directors for their service on the Company’s board of directors as follows:

  • To Donald Levantin, 200,000 options for board service from January to June 2019 and 162,500 options for board service from July to December 2019;
  • To Karen Bowling, 125,000 options for board service from January to June 2019 and 162,500 options for board service from July to December 2019;
  • To Herbert Hughes, 175,000 options for board service from July to December 2019;
  • To each of Beatrice Mitchell and Bill Richards, 162,500 options for board service from July to December 2019; and
  • To Paul Jensen, 87,500 options for board service from July to December 2019.

The options vested upon issuance and have an expiry term of five years. The exercise price of each of these stock options is $0.19 (U.S.), and such options were granted in reliance upon exemption from registration to Section 4(a)(2) under the Securities Act of 1933, as amended (the “Securities Act”).

On December 31, 2019, the Company also awarded year-end bonuses to certain of its employees and consultants. No cash bonuses were awarded. A total of 2,290,000 options exercisable for shares of the Company’s common stock and 625,000 shares of restricted stock were awarded to 12 individuals. All such options vest upon issuance, have an expiry term of five years, and are exercisable at $0.19 (U.S.). Such options were issued to, and are governed by, the terms of the Company’s Stock Option Plan. Such options were granted in reliance upon exemption from registration to Section 4(a)(2) under the Securities Act.

On December 31, 2019, the Company also granted 150,000 warrants exercisable for shares of the Company’s common stock to a marketing consultant. The warrants have a strike price of $0.25 (U.S.), vest upon issuance, and expire on February 5, 2021. Such warrants were granted in reliance upon exemption from registration to Section 4(a)(2) under the Securities Act.

In addition, in accordance with the terms of the Purchase and Sale Agreement between the Company and André Buys (“Buys”) dated April 13, 2018, as amended on December 19, 2019 (the “Agreement”), on January 7, 2020, the Company issued 3,866,810 shares of restricted stock to Buys and his designee, 2,946,140 of which were issued to Buys and the balance of which were issued to an unrelated entity designated by Buys. Such shares were issued at a price per share of $0.16 (U.S.), and were issued in reliance upon exemption from registration to Section 4(a)(2) under the Securities Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

None.

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

/s/ Bryan Ganz
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About SECURITY DEVICES INTERNATIONAL INC. (OTCMKTS:SDEV)

Security Devices International, Inc. (SDI) is a less-lethal defense technology company. The Company’s segments include the U.S.A. and Canada. It is specialized in the development, manufacturing and sale of next generation less-lethal ammunition. This ammunition is used by the military, correctional services and police agencies for crowd control. SDI’s 40 millimeter (mm) less-lethal weapon technology can be used over both short, as well as long distances. The Company has two products, which include Blunt Impact Projectile 40 millimeter (BIP) and Wireless Electric Projectile 40 millimeter (WEP). Its BIP family of ammunitions include BIP (Standard); BIP MP: Marking Powder; BIP ML: Marking Liquid; BIP OC: Oleoresin Capsicum; BIP MO: Malodorant; BIP DNA: Forensic Marking; BIP CS: Tear Gas Powder, and BIP TR: Training Round. The Company offers SDI Instructor Training Course, which provides professionally skilled instructors in less-lethal training.

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