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Drone Delivery Canada Corp. Announces Closing of Bought-Deal Offering, Including the Full Exercise of Over-Allotment Option, for Aggregate Gross Proceeds of $9,257,500
Toronto, Ontario--(Newsfile Corp. - August 5, 2020) - Further to its press releases dated July...
About this update from Volatus Aerospace Inc.
[{"type":"text","content":"Drone Delivery Canada Corp. Announces Closing of Bought-Deal Offering, Including the Full Exercise of Over-Allotment Option, for Aggregate Gross Proceeds of $9,257,500Toronto, Ontario--(Newsfile Corp. - August 5, 2020) - Further to its press releases dated July 13, 2020 and July 14, 2020, Drone Delivery Canada Corp. (TSXV: FLT) (OTC: TAKOF) (the \"Company\") is pleased to announce today that it has closed its previously announced bought-deal prospectus offering (the \"Offering\") for aggregate gross proceeds of $9,257,500 which includes the full exercise of the over-allotment option. Under the Offering, the Company sold a total of 13,225,000 units at a price of $0.70 per Unit (the \"Issue Price\"). Each Unit is comprised of one common share in the capital of the Company (each a \"Share\") and one-half of one Share purchase warrant of the Company (each whole such warrant a \"Warrant\"). Each Warrant entitles the holder to purchase one Share at a price of $0.95 until August 5, 2022. The TSXV has conditionally approved the listing of the Warrants, subject to standard listing conditions. The Warrants are expected to commence trading on or after August 10, 2020.The Offering was completed by a syndicate of underwriters co-led by Echelon Wealth Partners Inc. and Canaccord Genuity Corporation, and including Cormark Securities Inc.The Underwriters were paid a cash commission of $555,450, equal to 6% of the gross proceeds raised, and were issued an aggregate of 793,500 broker warrants (the \"Broker Warrants\"), each Broker Warrant entitling the holder to acquire one Unit at the Issue Price until August 5, 2022.The securities were offered by way of a short form prospectus filed in all provinces of Canada, except Quebec. The Company intends to use the net proceeds from the Offering to further develop the Company's international prospects, to proportionally scale staffing as may be required, for the development of new projects, and for working capital and general corporate purposes. 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 ...