Draganfly Investments Ltd Notice of GM (1445C)
June 24 2016 - 1:00AM
UK Regulatory
TIDMDRG
RNS Number : 1445C
Draganfly Investments Ltd
24 June 2016
Draganfly Investments Limited
("Draganfly" or the "Company")
Fundraise
&
Appointment of Nominated Adviser
24 June 2016
The Board of Draganfly announces that the Company has
conditionally raised GBP134,350 before expenses, by way of a
subscription ("Subscription") direct with the Company of 16,793,750
new ordinary shares of no par value in the Company ("Ordinary
Shares") (the "Subscription Shares") at a price of 0.8 pence per
share (being a discount of approximately 25.6 per cent. to the
closing middle market price of 1.075 pence per Ordinary Share on 23
June 2016). The Subscription is subject to shareholder approval at
a General Meeting to be convened for 14 July 2016.
A circular containing the notice convening the General Meeting
will be available on the Company's website at
http://www.draganflyinvestments.com/.
The Company is actively investigating potential acquisitions and
the Company will use the funds raised in order to fund professional
costs associated with making such an acquisition, together with
operating costs. At the General Meeting, shareholders will be asked
to approve resolutions to allow the issue of further new Ordinary
Shares in due course, in addition to the Subscription Shares, to
increase the funds available to the Company.
The Company also announces that it has appointed Northland
Capital Partners Limited as its AIM Nominated Adviser with
immediate effect.
The Subscription includes a subscription by Dusko Lukic for
1,481,250 new Ordinary Shares. This subscription for Ordinary
Shares by Dusko Lukic is considered a related party transaction
under the AIM Rules for Companies, since Draganfly's investment
advisor up until 15 July 2015 was Intrinsic Capital LLP, which is
jointly controlled by its partner Dusko Lukic. Dusko Lukic's
resultant interests in the Company following completion of the
Placing and Subscription is expected to be 4,296,250 Ordinary
Shares (representing approximately 8.3 per cent. of the anticipated
enlarged issued share capital)
The directors of Draganfly, having consulted with Northland
Capital Partners Limited, consider that the issue of Ordinary
Shares to Dusko Lukic is fair and reasonable insofar as
shareholders of the Company are concerned.
The Subscription Shares will rank pari passu with the existing
Ordinary Shares and their issue is, inter alia, conditional on
shareholder approval and their admission to trading on AIM
("Admission"). Application will be made for the Subscription Shares
to be admitted to trading on AIM and Admission is expected to occur
on or around 15 July 2016.
The Company currently has 35,062,687 Ordinary Shares in issue.
Following Admission, the Company's issued share capital will
consist of 51,856,437 Ordinary Shares with voting rights. There are
no Ordinary Shares held in treasury therefore this number may be
used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change in their interest in, the
share capital of the Company under the FCA's Disclosure and
Transparency Rules.
For further information please contact:
T Edward G Bayman +44 (0) 1534 787898
Dennis Edmonds +44 (0) 7796 338 372
Jon Belliss
Beaufort Securities Limited (Broker) +44 (0) 20 7382 8300
Tom Price / Gerry Beaney
Northland Capital Partners (Nominated Adviser) +44 (0) 20 3861 6625
This information is provided by RNS
The company news service from the London Stock Exchange
END
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