Business
Drone Delivery Canada Announces $5.0 Million Bought Deal Offering
Drone Delivery Canada Announces $5.0 Million Bought Deal Offering Canada NewsWire ...
About this update from Volatus Aerospace Inc.
[{"type":"text","content":"\n\n\n\nDrone Delivery Canada Announces $5.0 Million Bought Deal Offering\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, July 13, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES/\n TORONTO, July 13, 2020 /CNW/ - Drone Delivery Canada Corp. (TSXV:FLT) (OTC:TAKOF) (Frankfurt: ABB) (the \"Company\" or \"DDC\") is pleased to announce that it has entered into an agreement with Echelon Wealth Partners Inc. and Canaccord Genuity Corp., as co-lead underwriters, on behalf of a syndicate of underwriters (the \"Underwriters\"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 7,143,000 units (the \"Units\") of the Company at a price of $0.70per Unit (the \"Issue Price\") for gross proceeds of approximately $5.0 million (the \"Offering\"). \n\n \n \n \n \n \n \n\n \nEach Unit will consist of one common share of the Company (each a \"Common Share\") and one-half of one common share purchase warrant (each, a \"Warrant\" and collectively the \"Warrants\"). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.95 for a period of 24 months from the closing date of the Offering. \nThe Company has granted the Underwriters an option to purchase up to an additional 15% of the Units sold under the Offering, at the Issue Price. The Over-Allotment Option may be exercised in whole or in part to purchase Shares, Warrants or Units as determined by the Underwriters upon written notice to the Company at any time up to 30 days following the Closing Date (the \"Over-Allotment Option\").\nThe Company intends to use the net proceeds of the Offering for capital expenditure and general corporate purposes.\nThe Offering will be completed (i) by way of a short form prospectus to be filed in all of the provinces of Canada other than Quebec, (ii) on a private placement basis in the United States pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (th...