Draganfly Announces Closing of US$3.5 Million Underwritten Offering
30 Oktober 2023 - 10:19PM
Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly”
or the “Company”), an award-winning, industry-leading drone
solutions, and systems developer, is pleased to announce that it
has closed its previously announced underwritten offering for gross
proceeds of approximately US$3.5 million (the
“
Offering”), before deducting underwriting
discounts and offering expenses.
Pursuant to the Offering, the Company issued
4,800,000 units of the Company (the “Units”) at a
price of US$0.55 per Unit and 1,600,000 pre-funded units of the
Company (the “Pre-Funded Units”) at a price of
US$0.5499. Each Unit is comprised of one common share (a
“Common Share”) and one common share purchase
warrant (a “Warrant”). Each Warrant entitles the
holder thereof to purchase one additional Common Share (a
“Warrant Share”) at an exercise price of US$0.6123
per Warrant Share, subject to adjustment, at any time on or prior
to 5:00 p.m. (Eastern Time) on October 30, 2028. Each Pre-Funded
Unit is comprised of one pre-funded common share purchase warrant
(a “Pre-Funded Warrant”) and one Warrant. Each
Pre-Funded Warrant entitles the holder thereof to purchase one
Common Share (a “Pre-Funded Warrant Share”) at an
exercise price of US$0.0001 per Pre-Funded Warrant Share and shall
terminate upon exercise in full of the Pre-Funded Warrants. A
holder of Pre-Funded Warrants will not have the right to exercise
any portion of its Pre-Funded Warrants if the holder, together
with its affiliates, would beneficially own in excess of 4.99%
(or, at the election of the holder, such limit may be increased to
up to 9.99%) of the number of Common Shares outstanding
immediately after giving effect to such exercise.
Maxim Group LLC (“Maxim”) acted
as sole book-running manager for the Offering.
Draganfly intends to use the net proceeds from
the Offering for general corporate purposes, including to fund its
capabilities to meet demand for its new products including growth
initiatives and/or for working capital requirements including the
continuing development and marketing of the Company’s core product,
potential acquisitions and research and development.
The Offering was made pursuant to an effective
shelf registration statement on Form F-10, as amended, (File No.
333-271498) previously filed with and subsequently declared
effective by the U.S. Securities and Exchange Commission
(“SEC”) on July 5, 2023 and the Company’s Canadian
short form base shelf prospectus dated June 30, 2023 (the
“Base Shelf Prospectus”). Draganfly offered and
sold the securities in the United States only. No securities were
offered or sold to Canadian purchasers.
A prospectus supplement and accompanying Base
Shelf Prospectus relating to the Offering and describing the terms
thereof was filed with the applicable securities commissions in
Canada and with the SEC in the United States and are available for
free by visiting the Company’s profiles on the SEDAR+ website
maintained by the Canadian Securities Administrators at
www.sedarplus.ca or the SEC’s website at www.sec.gov, as
applicable. Copies of the prospectus supplement and accompanying
Base Shelf Prospectus relating to the Offering may be obtained, by
contacting Maxim, at 300 Park Avenue, 16th Floor, New York, NY
10022, Attention: Syndicate Department, or by telephone at (212)
895-3745 or by email at syndicate@maximgrp.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Draganfly
Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE:
3U8A) is the creator of quality, cutting-edge drone solutions,
software, and AI systems that revolutionize how organizations can
do business and service their stakeholders.
Media ContactArian Hopkinsemail:
media@draganfly.com
Company ContactEmail: info@draganfly.com
Forward Looking Statements
Certain statements contained in this news
release may constitute “forward-looking statements” or
“forward-looking information” within the meaning of applicable
securities laws. Such statements, based as they are on the current
expectations of management, inherently involve numerous important
risks, uncertainties and assumptions, known and unknown. In this
news release, such forward-looking statements include, but are not
limited to, statements regarding the anticipated use of proceeds
from the Offering. Actual future events may differ from the
anticipated events expressed in such forward-looking statements.
Draganfly believes that expectations represented by forward-looking
statements are reasonable, yet there can be no assurance that such
expectations will prove to be correct. The reader should not place
undue reliance, if any, on any forward-looking statements included
in this news release. These forward-looking statements speak only
as of the date made, and Draganfly is under no obligation and
disavows any intention to update publicly or revise such statements
as a result of any new information, future event, circumstances or
otherwise, unless required by applicable securities laws.
Investors are cautioned not to unduly rely on these forward-looking
statements and are encouraged to read the offering documents, as
well as Draganfly’s continuous disclosure documents, including its
current annual information form, as well as its audited annual
consolidated financial statements which are available on SEDAR+ at
www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.
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