Drone Delivery Canada Corp. Announces Exercise of Over-Allotment Option for Additional Gross Proceeds of $482,352

About this update from Volatus Aerospace Inc.

Drone Delivery Canada Corp. Announces Exercise of Over-Allotment Option for Additional Gross Proceeds of $482,352Toronto, Ontario--(Newsfile Corp. - April 12, 2019) - Further to its press releases dated March 6, 2019 and March 25, 2019, Drone Delivery Canada Corp. (TSXV: FLT) (OTCQB: TAKOF) (the "Company") is pleased to announce that in connection with its previously announced bought-deal prospectus offering (the "Offering") underwritten by GMP Securities L.P., Canaccord Genuity Corp. and Echelon Wealth Partners Inc. (collectively, the "Underwriters"), the Underwriters have partially exercised their over-allotment option, today purchasing an additional 344,200 common shares in the capital of the Company (each a "Share"), and 626,250 Share purchase warrants of the Company (each whole such warrant a "Warrant") for additional proceeds of $482,352. Each Warrant entitles the holder to purchase one Share at a price of $1.50 until March 25, 2021. If the volume weighted average price of the Shares on the TSX Venture Exchange (the "TSXV") is equal to or greater than $2.00 for a period of 10 consecutive trading days, then the Company may within ten business days accelerate the expiry date of the Warrants to the date that is 30 days following the date on which the Company issues notice to all the Warrant holders of the new expiry date. The Company will also issue a press release on the same date as it issues notice confirming the new expiry date of the Warrants.The Company initially issued 8,350,000 Shares and 4,175,000 Warrants for gross proceeds of $10,020,000 on March 25, 2019. Upon closing of the over-allotment option, the Company will have raised aggregate gross proceeds of $10,502,352.The securities 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 expand its commercial operations plan in Canada and potentially internationally by introducing larger, heavier-lifting drones to its fleet.In connection with the partial exercise of the over-allotment option, the Underwriters were paid a cash commission equal to 6% of the gross proceeds raised, and were issued an aggregate of 23,951 compensation option ("Compensation Options"), each Compensation Option entitling the holder to one Share and one-half of one Warrant at a price of $1.20 until March 25, 2021.The securities iss...

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