<SEC-DOCUMENT>0001649553-25-000135.txt : 20250730
<SEC-HEADER>0001649553-25-000135.hdr.sgml : 20250730
<ACCEPTANCE-DATETIME>20250730110335
ACCESSION NUMBER:		0001649553-25-000135
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250730
DATE AS OF CHANGE:		20250730

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DEFSEC Technologies Inc.
		CENTRAL INDEX KEY:			0001889823
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-93837
		FILM NUMBER:		251164937

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		155 TERENCE MATTHEWS CRESCENT, UNIT #1
		CITY:			KANATA
		PROVINCE COUNTRY:   	A6
		BUSINESS PHONE:		613-319-0537

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		155 TERENCE MATTHEWS CRESCENT, UNIT #1
		CITY:			KANATA
		PROVINCE COUNTRY:   	A6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KWESST Micro Systems Inc.
		DATE OF NAME CHANGE:	20211021

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CVI Investments, Inc.
		CENTRAL INDEX KEY:			0001649553
		ORGANIZATION NAME:           	
		EIN:				981253664
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 309
		STREET 2:		UGLAND HOUSE
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1104
		BUSINESS PHONE:		345-949-8080

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 309
		STREET 2:		UGLAND HOUSE
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1104
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001649553</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Shares, no par value</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>07/23/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001889823</issuerCik>
        <issuerName>DEFSEC Technologies Inc.</issuerName>
        <issuerCusip>244778106</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>80 Hines Rd</com:street1>
          <com:street2>Suite 300</com:street2>
          <com:city>Ottawa</com:city>
          <com:stateOrCountry>A6</com:stateOrCountry>
          <com:zipCode>K2K 2T8</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>CVI Investments, Inc.</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>97265</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>97265</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>97265</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.3</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Heights Capital Management, Inc.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>97265</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>97265</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>97265</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>7.3</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>DEFSEC Technologies Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>80 Hines Rd, Suite 300, Ottawa, Ontario, Canada K2K 2T8</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the common shares of DEFSEC Technologies Inc. (the "Company"), no par value (the "Shares").

	(i)	CVI Investments, Inc.

	(ii)	Heights Capital Management, Inc.
        </filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the principal business office of CVI Investments, Inc. is:

P.O. Box 309GT
Ugland House
South Church Street
George Town
Grand Cayman
KY1-1104
Cayman Islands

The address of the principal business office of Heights Capital Management, Inc. is:

101 California Street, Suite 3250
San Francisco, California 94111
        </principalBusinessOfficeOrResidenceAddress>
        <citizenship>Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>
The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

The Company's Prospectus (Registration No. 333-288827), filed on July 25, 2025, indicates there were 1,340,791 Shares outstanding (excluding Shares underlying pre-funded warrants and other warrants issued at the same time) as of the completion of the offering of the Shares referred to therein.
        </amountBeneficiallyOwned>
        <classPercent>7.3</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>
The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
          </solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>
The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
          </sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>
The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
          </solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>
The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
          </sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>	EXHIBIT INDEX

EXHIBIT					DESCRIPTION
________				________
I						Limited Power of Attorney
II						Joint Filing Agreement
</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>CVI Investments, Inc. </reportingPersonName>
      <signatureDetails>
        <signature>/s/ Sarah Travis</signature>
        <title>Sarah Travis, Assistant General Counsel and Assistant Secretary of Heights Capital Management, Inc.</title>
        <date>07/30/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Heights Capital Management, Inc. </reportingPersonName>
      <signatureDetails>
        <signature>/s/ Sarah Travis</signature>
        <title>Sarah Travis, Assistant General Counsel and Assistant Secretary</title>
        <date>07/30/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureComments>Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which is attached as Exhibit I hereto.</signatureComments>
  </formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>sc13g_ex24.htm
<DESCRIPTION>LIMITED POWER OF ATTORNEY
<TEXT>
<html><body style="font: 11pt Times New Roman, Times, Serif"><p style="text-align: end"><b>Exhibit 24</b></p><p style="text-align: center"><b>LIMITED POWER OF ATTORNEY</b></p><div style="text-align: justify;"><p>THIS LIMITED POWER OF ATTORNEY given on the 16th day of July, 2015 by CVI Investments, Inc. (hereinafter called "the Company"), whose Registered Office is situated at PO Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands.</p><p>WHEREAS, by agreement dated July 16, 2015, by and between the Company and Heights Capital Management, Inc., the Company expressly authorized Heights Capital Management, Inc. to enter into transactions in certain designated areas as defined in the Discretionary Investment Management Agreement attached hereto marked "Appendix l."</p><p>NOW THIS DEED WITNESSETH that William Walmsley, Director of the Company, hereby appoints on behalf of the Company the firm of HEIGHTS CAPITAL MANAGEMENT, INC., which through its officers, directors and employees is hereby formally granted limited power of attorney for the purpose of entering into transactions on behalf and for the account of the Company; and to take all actions on behalf of the Company as may be necessary to consummate such transactions, including but not limited to making, negotiating; signing, endorsing, executing, acknowledging and delivering in the name of the Company all applications, contracts, agreements, notes, statements, certificates, proxies and any other instruments of whatever kind and nature as may be necessary or proper in connection with the entering into of such transactions, instructing the transfer of funds where necessary with respect to such transactions, and performing all of the services specified under the Discretionary Investment Management Agreement with respect to such transactions.</p><p>IN WITNESS WHEREOF, the Company has caused this Limited Power of Attorney to take effect on the day and year above written.</p></div><p>&nbsp;</p><div style="margin-left: 50%"><p>CVI Investments, Inc.</p><p style="margin: 0">By: <u>/s/ William Walmsley</u></p><p style="margin: 0">William Walmsley, Director</p></div><p>&nbsp;</p><div style="border-bottom: Black 1pt solid"></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>dfsc_sc13g-ex99.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
<html><head></head><body style="font: 11pt Times New Roman, Times, Serif"><p style="text-align: end"><b>Exhibit 99</b></p><p style="text-align: center"><b>JOINT FILING AGREEMENT</b></p><p>This will confirm the agreement by and among the undersigned that the Schedule 13G filed with the Securities and Exchange Commission on or about the date hereof with respect to the beneficial ownership by the undersigned of the Common Shares, no par value of DEFSEC Technologies Inc., is being filed, and all amendments thereto will be filed, on behalf of each of the persons and entities named below in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.</p><p>Dated as of July 30, 2025</p><p>CVI INVESTMENTS, INC.</p><p style="margin-bottom: 0">By: Heights Capital Management, Inc.</p><p style="margin-top: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to a Limited Power of Attorney</p><p style="margin: 0">By: <u>/s/ Sarah Travis</u></p><p style="margin: 0">Name: Sarah Travis</p><p style="margin: 0">Title: Assistant General Counsel and Assistant Secretary</p><p>HEIGHTS CAPITAL MANAGEMENT, INC.</p><p style="margin: 0">By: <u>/s/ Sarah Travis</u></p><p style="margin: 0">Name: Sarah Travis</p><p style="margin: 0">Title: Assistant General Counsel and Assistant Secretary</p><p>&nbsp;</p><div style="border-bottom: Black 1pt solid"></div></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
