pcNewsWire – Deveron UAS Corp. (CSE: DVR) has closed second and final tranche of previously announced brokered private placement through the issuance of 2,046,356 units at $0.35 per unit for gross proceeds of $716,224.60. Together with first tranche, Deveron UAS has issued 5,785,644 units for aggregate gross proceeds of $2,024,975.40.
The offering was led by First Republic Capital Corporation. Garfinkle Biderman LLP acted as legal advisor to the Agent.
Net proceeds will be used to further the business and for general working capital purposes.
News Release
Deveron Completes Second and Final Tranche of Previously Announced Private Placement for a Total of $2.024 Million
Toronto, Ontario – Deveron UAS Corp. (CSE: DVR) (“Deveron” or the “Company”), is pleased to announce that, further to its press release dated April 21, 2017, the Company, on June 2, 2017, has completed the second and final tranche of its previously announced brokered private placement (the “Offering”) through the issuance of 2,046,356 Units (as defined below) of the Company for gross proceeds of $716,224.60. The Offering was led by First Republic Capital Corporation (the “Agent”). Garfinkle Biderman LLP acted as legal advisor to the Agent.
To date, the Company has issued an aggregate of 5,785,644 units (each, a “Unit”) at a price of $0.35 per Unit, for aggregate gross proceeds of $2,024,975.40, which includes the proceeds raised from the first tranche. Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share of the Company (a “Warrant Share”) at a price of C$0.50 per Warrant Share for a period of 18 months after the closing of this final tranche.
As consideration for the services provided by the Agent and other agents in connection with the closing of this final tranche, the Agent and certain other agents received cash commissions equal to the aggregate of $52,210.21 and an aggregate of 149,172 compensation warrants (the “Compensation Warrants”). Each Compensation Warrant is exercisable at any time until 18 months from the date of closing of this final tranche into one Common Share at an exercise price of $0.35.
All securities issued in connection with the Offering are subject to a hold period until four months and a day from the date of closing.
Net proceeds will be used by the Company to further the business of the Company and for general working capital purposes.
About Deveron UAS:
Deveron is an enterprise drone data services company focused on agriculture, offering the opportunity to increase yields and reduce costs using sophisticated Unmanned Aerial Systems (“UAS” or “drones”), sensors, software and analytics. Deveron’s drone data service network allows enterprise level customers to obtain on-demand, actionable data without exposure to technology and capital risks. The Company is focused on building a standardized constellation of drones and sensors to provide data in North America.
For more information and to join our community, please visit www.deveronuas.com or contact:
David MacMillan
President & CEO
Deveron UAS Corp.
416-367-4571 ext. 226
dmacmillan@deveronuas.com
SOURCE: Deveron UAS Corp.
