Business
Drone Delivery Canada Announces Upsize of Previously Announced Bought Deal Offering
Drone Delivery Canada Announces Upsize of Previously Announced Bought Deal Offering ...
About this update from Volatus Aerospace Inc.
[{"type":"text","content":"\n\n\n\nDrone Delivery Canada Announces Upsize of Previously Announced 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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, July 14, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES/\n TORONTO, July 14, 2020 /CNW/ - Drone Delivery Canada Corp. (TSXV: FLT)(OTC: TAKOF)(Frankfurt: ABB) (the \"Company\" or \"DDC\") is pleased to announce that it has amended its agreement with Echelon Wealth Partners Inc. and Canaccord Genuity Corp., as co-lead underwriters, on behalf of a syndicate of underwriters including Cormark Securities Inc. (the \"Underwriters\"), to increase the size of the previously announced bought deal offering from approximately $5,000,000 to $8,050,000, plus an over-allotment option which, if fully exercised, increases the size of the bought deal to $9,257,500. \n\n \n \n \n \n \n \n\n \nPursuant to the revised offering terms, the Underwriters have agreed to purchase, on abought deal basis pursuant to the filing of a short form prospectus, an aggregate of 11,500,000 units (the \"Units\") at a price of $0.70 per Unit (the \"Issue Price\") for aggregate gross proceeds of $8,050,000 (the \"Offering\").\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 (the \"Closing Date\"). \nThe Company has granted the Underwriters an option to purchase up to an additional 1,725,000 Units 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 from the Offering to further develop the Company's international prospects, to proportionally...