Draganfly Announces Pricing of US$3.6 Million Underwritten Public Offering
22 Februar 2024 - 5:00AM
Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly”
or the “Company”), a drone solutions, and systems developer, today
announced the pricing of its previously announced underwritten
public offering (the “Offering”) of 13,400,000 units, with each
unit consisting of one common share (or one pre-funded warrant to
purchase one common share in lieu thereof) and one warrant to
purchase one common share. Each unit was sold at a public offering
price of US$0.27, for gross proceeds of approximately US$3.6
million, before deducting underwriting discounts and offering
expenses. The warrants will have an exercise price of US$0.36 per
share, are exercisable immediately and will expire five years
following the date of issuance.
Maxim Group LLC is acting as sole book-running
manager for the Offering.
Draganfly currently 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 products, potential acquisitions and research
and development. The Offering is expected to close on or about
February 26, 2024, subject to the satisfaction of customary closing
conditions.
The offering is subject to customary closing
conditions including receipt of all necessary regulatory approvals,
including approval of the Canadian Securities Exchange and
notification to the Nasdaq Stock Market.
The Offering is being 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 will offer and sell the securities in the United States
only. No securities will be offered or sold to Canadian
purchasers.
A preliminary prospectus supplement and
accompanying Base Shelf Prospectus relating to the Offering and
describing the terms thereof has been filed with the applicable
securities commissions in Canada and with the SEC in the United
States and is 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. A final prospectus supplement with the
final terms will be filed with the securities regulatory
authorities in each of the Canadian provinces of British Columbia,
Saskatchewan and Ontario and the SEC. Copies of the preliminary
prospectus supplements, accompanying Base Shelf Prospectus, and
final prospectus supplement, when available, relating to the
Offering may be obtained by contacting Maxim Group LLC, 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 drone solutions, software, and AI
systems.
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 timing, size and expected
gross proceeds of the offering, the satisfaction of customary
closing conditions related to the offering and sale of securities,
the intended use of proceeds, and Draganfly’s ability to complete
the offering. Closing of the Offering is subject to numerous
factors, many of which are beyond Draganfly’s control, including
but not limited to, the failure of the parties to satisfy certain
closing conditions, and other important factors disclosed
previously and from time to time in Draganfly’s filings with the
securities regulatory authorities in the Canadian provinces of
British Columbia, Ontario and Saskatchewan and with the SEC. 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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