DRONE DELIVERY CANADA CORP. ANNOUNCES CLOSING OF BOUGHT DEAL FINANCING FOR AGGREGATE GROSS PROCEEDS OF $15,015,000
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
TORONTO, ONTARIO – October 25, 2017 – Further to its press releases dated October 5, 2017, Drone Delivery Canada Corp. (CSE: FLT) (the “Company”) is pleased to announce today that it has closed its previously announced bought-deal prospectus offering (the “Offering”) underwritten by GMP Securities L.P. (the “Underwriter”), pursuant to which the Company issued an aggregate of 23,100,000 common shares (the “Common Shares”) of the Company at a price of $0.65 per Common Share (the “Offering Price”) for aggregate gross proceeds to the Company of $15,015,000.
The Common Shares were offered by way of a short form prospectus filed in all provinces of Canada. The Company intends to use the net proceeds from the Offering to explore the expansion of its testing and commercialization program into the United States and other international jurisdictions selected by the Company, concurrent with the Company’s continuing activities to advance its testing and commercialization program in Canada.
The securities issued pursuant to the Offering 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 Corp.
Telephone: (647) 501-3290