Post by
hoffbag on Jun 08, 2021 5:05pm
another fun fact
Review on SEDAR a material change report of January 15 regarding the purchase of the Low Energy Cartridge Technology (LEC). This tech is what is being touted by mgmt as a big deal.
The acquistion of this technology was a related party transaction with DEFSEC (a company owned by David Luxton, the chairman of KWESST). The compensation for the tech was 1,000,000 KWESST shares and 500,000 warrants AND a 7% ROYALTY ON REVENUE. Due to the fact that the value of the transaction was <25% of the market cap of Kwesst it was deemed to be exemptable from TSX venture policy MI61-101 regarding formal valuations and minority shareholder approvals. This transaction was approved by the independent directors of KWESST. This is pretty much verbatim from their filing.
One of those independent directors is John McCoach who used to be president of the TSX Venture Exchange.
So I sleep better at night because he would know the rules......
I couldnt make better stuff up if I tried.