Iroquois Capital Management LLC, Richard Abbe and Kimberly Page have filed a passive Schedule 13G on DEFSEC Technologies Inc. (CUSIP 501506802) dated 23 July 2025.
Beneficial ownership: Abbe controls or shares 100,000 common shares (7.5% of the 1,340,791 shares outstanding). Iroquois and Page each share beneficial ownership of 40,000 shares (3.0% each).
Voting/Dispositive power: Abbe — sole voting & dispositive power over 60,000 shares plus shared power over 40,000; Iroquois & Page — shared voting & dispositive power over 40,000 shares; no sole power.
Warrants: The group holds warrants for an additional 151,281 shares (IMF 43,223; ICIG 64,835; Abbe 108,058; Page 43,223) but cannot exercise them due to a 4.99% Beneficial-Ownership Blocker.
Nature of filing: Rule 13d-1(c) passive investment; the filers certify they are not pursuing control.
The positions make Abbe a significant minority shareholder while remaining below the 10% Section 16 threshold. Potential future dilution exists if blockers are waived, but no control intent is indicated.
Positive
Institutional involvement: Iroquois Capital and affiliates collectively own up to 7.5% of outstanding shares, indicating outside investor confidence.
Passive filing: Rule 13d-1(c) suggests no immediate activist pressure or control contest.
Negative
Potential dilution: 151,281 additional shares could enter the float if 4.99% blockers are removed, representing roughly 11% of current outstanding shares.
Insights
TL;DR: Passive 7.5% stake by Abbe signals institutional interest but limited control intent; future dilution possible via blocked warrants.
Abbe’s 7.5% ownership elevates his influence in DEFSEC yet remains under mandatory insider thresholds, suggesting a financial—not strategic—position. The additional 151k warrants, while currently blocked, represent 11% of the outstanding shares and could dilute existing holders if exercised later. Filing under Rule 13d-1(c) confirms no activist agenda, making the disclosure largely informational. The stake size is meaningful for a micro-cap issuer, but near-term governance impact appears minimal.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
DEFSEC Technologies Inc.
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
501506802
(CUSIP Number)
07/23/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
501506802
1
Names of Reporting Persons
Iroquois Capital Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
40,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
40,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
40,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Does not include 43,223 shares of Common Stock issuable upon the exercise of the Warrants (as defined in Item 4). As more fully described in Item 4, the Warrants are subject to 4.99% Beneficial Ownership Blockers, and the percentage set forth in row (11) gives effect to such Beneficial Ownership Blockers (as defined in Item 4). The Warrants are not currently exercisable due to the Beneficial Ownership Blockers.
SCHEDULE 13G
CUSIP No.
501506802
1
Names of Reporting Persons
Richard Abbe
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
60,000.00
6
Shared Voting Power
40,000.00
7
Sole Dispositive Power
60,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
100,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.5 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Does not include 108,058 shares of Common Stock issuable upon the exercise of the Warrants (as defined in Item 4). As more fully described in Item 4, the Warrants are subject to 4.99% Beneficial Ownership Blockers, and the percentage set forth in row (11) gives effect to such Beneficial Ownership Blockers (as defined in Item 4). The Warrants are not currently exercisable due to the Beneficial Ownership Blockers.
SCHEDULE 13G
CUSIP No.
501506802
1
Names of Reporting Persons
Kimberly Page
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
40,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
40,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
40,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.0 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Does not include 43,223 shares of Common Stock issuable upon the exercise of the Warrants (as defined in Item 4). As more fully described in Item 4, the Warrants are subject to 4.99% Beneficial Ownership Blockers, and the percentage set forth in row (11) gives effect to such Beneficial Ownership Blockers (as defined in Item 4). The Warrants are not currently exercisable due to the Beneficial Ownership Blockers.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
DEFSEC Technologies Inc.
(b)
Address of issuer's principal executive offices:
80 Hines, Suite #300, Ottawa, Ontario, Canada, K2K 2T8
Item 2.
(a)
Name of person filing:
This statement is being filed by (i) Iroquois Capital Management LLC, a Delaware limited liability company ("Iroquois"), (ii) Richard Abbe, and (iii) Kimberly Page ("Mr. Abbe" and "Ms. Page," together with Iroquois, the "Reporting Persons").
Mr. Abbe shares authority and responsibility for the investments made on behalf of Iroquois Master Fund Ltd. ("IMF") with Ms. Kimberly Page, each of whom is a director of IMF. As such, Mr. Abbe and Ms. Page may each be deemed to be the beneficial owner of all shares of Common Stock held by IMF. Iroquois Capital is the investment advisor for IMF and Mr. Abbe is the President of Iroquois Capital. Mr. Abbe has the sole authority and responsibility for the investments made on behalf of Iroquois Capital Investment Group LLC ("ICIG"). As such, Mr. Abbe may be deemed to be the beneficial owner of all shares of Common Stock held by Iroquois Master Fund and ICIG. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of shares of Common Stock owned by another Reporting Person. Each of the Reporting Persons disclaim beneficial ownership of these shares, except to the extent of its, his or her pecuniary interest in such shares, if any.
(b)
Address or principal business office or, if none, residence:
The principal business address for each of the Reporting Persons is 2 Overhill Road, Scarsdale, NY 10583.
(c)
Citizenship:
Iroquois Capital Management LLC is a Delaware limited liability company. Richard Abbe is an individual who is a citizen of the United States of America. Kimberly Page is an individual who is a citizen of the United States of America.
(d)
Title of class of securities:
Common Shares, no par value
(e)
CUSIP No.:
501506802
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of shares of securities of the Issuer beneficially owned by such Reporting Person as of the date of the event which requires filing of this statement and is incorporated herein by reference.
The Reporting Persons' ownership of the Issuer's securities does not include: (i) warrants held directly by IMF that are exercisable for an aggregate of up to 43,223 shares of Common Stock and warrants held directly by ICIG that are exercisable for an aggregate of up to 64,835 shares of Common Stock (collectively, the "Warrants"), all of which are subject to 4.99% Beneficial Ownership Blockers (as defined below).
The Warrants contain provisions which precludes the exercise of such Warrants to the extent that, following exercise, the holder, together with its affiliates and other attribution parties, would own more than 4.99% of the Common Stock outstanding (the "Beneficial Ownership Blockers"). The shares of Common Stock listed as beneficially owned in Rows 6, 8 and 9 of the cover page for each Reporting Person and the percentage set forth in Row 11 of the cover page for each Reporting Person give effect to the Beneficial Ownership Blockers. Consequently, as of the date of the event which requires the filing of this statement, the Reporting Persons were not able to exercise any of the Warrants due to the Beneficial Ownership Blockers.
(b)
Percent of class:
Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the securities of the Issuer beneficially owned by such Reporting Person as of the date of the event which requires filing of this statement and is incorporated herein by reference. The Company's Prospectus (Registration No. 333-288827), filed on July 25, 2025, indicates there were 1,340,791 Common Shares outstanding (excluding Common Shares underlying pre-funded warrants and other warrants issued at the same time) as of the completion of the offering of the Common Shares referred to therein.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
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.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Iroquois Capital Management, LLC
Signature:
/s/ Richard Abbe
Name/Title:
Richard Abbe, President
Date:
07/25/2025
Richard Abbe
Signature:
/s/ Richard Abbe
Name/Title:
Richard Abbe
Date:
07/25/2025
Kimberly Page
Signature:
/s/ Kimberly Page
Name/Title:
Kimberly Page
Date:
07/25/2025
Exhibit Information
Exhibit 1 Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as
amended.
