Deveron UAS Corp., a leading drone data services company for farming, is pleased to announce that, due to interest in participating in its previously announced non-brokered private placement post-closing, the Company has completed a subsequent non-brokered private placement (the “Offering”) through the issuance of 1,161,714 Units (as defined below) of the Company for gross proceeds of $406,599.
Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share of the Company at a price of $0.50 per Common Share for a period of 24 months from the date of closing.
All securities issued in connection with the Offering are subject to a hold period until four months and a day from the date of closing. Net proceeds will be used by the Company to further the business of the Company and for general working capital purposes.
As previously stated by its President and CEO, David MacMillan, “[Deveron] completed over 2,500 drone data flights across Canada in 2017…We are starting to see farmers and larger farming enterprises embrace drone data as a future driver of reduced costs and increased profit on the farm. Our goal is to continue to expand our drone data network to new geographies and serve new networks of customers that want to leverage the value of drone data on the farm.”
As consideration for the services provided by finders in connection with the closing of the Offering, finders received cash commissions equal to the aggregate of 6% of subscription proceeds and an aggregate of 6% compensation warrants (the “Compensation Warrants”). Each Compensation Warrant will entitle the holder to purchase one Common Share of the Company at a price of $0.35 per Common Share for a period of 24 months from the date of closing.
About Deveron UAS: Deveron is an enterprise drone data services company focused on agriculture, offering the opportunity to reduce costs and increase both yields and profit using sophisticated Unmanned Aerial Systems (“UAS” or “drones”), sensors, software and analytics. Deveron’s drone data service network allows enterprise level customers to obtain on-demand, actionable data without exposure to technology and capital risks. The Company is focused on building a standardized constellation of drones and sensors to provide data in North America.
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