Drone Delivery Canada (FLT-Cse) $15 Million Bought Deal Financing
Oct 5, '17 - NR
Drone Delivery Canada announced today that it has entered into an agreement with GMP Securities L.P. (the "Underwriter"), pursuant to which the Underwriter has agreed to purchase, on a bought deal basis pursuant to the filing of a short form prospectus, 23,100,000 common shares (the "Common Shares") of the Corporation at a price of $0.65 per Common Share (the "Offering Price") for aggregate gross proceeds to Drone Delivery of $15,015,000 (the "Offering").
The Company has agreed to grant the Underwriter an over-allotment option to purchase up to an additional 3,465,000 Common Shares at the Offering Price, exercisable in whole or in part, at any time and from time to time on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full, an additional $2,252,250 in gross proceeds will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be $17,267,250.
The Common Shares will be offered by way of a short form prospectus to be filed in all provinces of Canada (except Quebec). The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes. The Offering is expected to close on October 25, 2017 (or such other date as the Underwriter and the Company may agree) and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Drone Delivery Canada Corp.
Drone Delivery Canada is a drone technology company focused on the design, development and implementation of its proprietary logistics software platform utilizing drones. The Company's platform will be used as Software as a Service (SaaS) for government and corporate organizations. Drone Delivery Canada Corp. is a publicly listed company trading on the Canadian Securities Exchange under the symbol FLT.
Richard Buzbuzian
President, Drone Delivery Canada
(647) 501-3290
richard@dronedeliverycanada.com |
