Draganfly Announces Closing of US$3.6 Million Underwritten Public Offering
27 February 2024 - 8:15AM
Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly”
or the “Company”), a drone solutions, and systems developer, today
announced the closing 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 have an exercise price of US$0.36 per share,
were exercisable immediately and will expire five years following
the date of issuance.
Maxim Group LLC acted 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 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 final 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 each of the Canadian provinces of British Columbia,
Saskatchewan and Ontario 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. Copies of the final prospectus supplement and
accompanying Base Shelf Prospectus 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 intended use of proceeds.
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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