/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
TORONTO, Dec. 1, 2020 /CNW/ - Drone Delivery Canada Corp.
(TSXV: FLT) (OTC: TAKOF) (the "Company" or
"DDC") is pleased to announce that in connection with its
previously announced bought deal public offering, the Company and a
syndicate of investment dealers co-led by Cormark Securities Inc.
and Echelon Wealth Partners Inc. (collectively, the
"Underwriters") have agreed to increase the
size of the offering. The Company will now issue 13,640,000 Units
(the "Units") from the treasury of the Company, at a price
of $0.88 per Unit for total gross
proceeds of approximately $12,003,200
Each Unit will consist of one common share (each a "Common
Share") of the Company and one-half of one common share
purchase warrant (each whole warrant, a "Warrant" and
collectively the "Warrants") of the Company. Each Warrant
will entitle the holder thereof to purchase one Common Share at a
price equal to $1.20 for a period of
In addition, the Company and the Underwriters have also agreed
to increase the over-allotment option granted to the Underwriters
(the "Over-Allotment Option") to purchase up to an
additional 15% of the Units of the Offering on the same terms
exercisable at any time up to 30 days following the closing of the
Offering, for market stabilization purposes and to cover
over-allotments, if any.
The Company intends to use the net proceeds of the Offering for
capital expenditures and general corporate purposes.
Closing of the Offering is expected to occur on or about
December 22, 2020 and is subject to
regulatory approval including that of the TSX Venture Exchange (the
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. This press release
does not constitute an offer of securities for sale in the United States. The securities being
offered have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and such
securities may not be offered or sold within the United States absent registration under
U.S. federal and state securities laws or an applicable exemption
from such U.S. registration requirements.
About Drone Delivery Canada Corp.
Drone Delivery Canada Corp. is a drone technology company
focused on the design, development, and implementation of its
proprietary logistics software platform, using drones. The
Company's platform will be used as a Software as a Service (SaaS)
model for government and corporate organizations globally.
Drone Delivery Canada Corp. is a publicly listed company trading
on the TSX.V Exchange under the symbol FLT, on the U.S. OTC Q B
market under the symbol TAKOF and on the Frankfurt exchange in Germany under the symbol A2AMGZ or ABB.F.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
Notice Regarding Forward Looking Information
Certain information set forth in this news release may contain
forward-looking information that involves substantial known and
unknown risks and uncertainties. This forward-looking information
is subject to numerous risks and uncertainties, certain of which
are beyond the control of the Company, including, but not limited
to, the impact of general economic conditions, industry conditions,
and dependence upon regulatory approvals (both in Canada and internationally). Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward looking information. The parties
undertake no obligation to update forward-looking information
except as otherwise may be required by applicable securities
SOURCE Drone Delivery Canada Corp.