Draganfly Announces Pricing of US$3.5 Million Underwritten Offering
October 26 2023 - 9:53AM
Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly”
or the “Company”), an award-winning, industry-leading drone
solutions, and systems developer, today announced the pricing of an
underwritten offering of 6,400,000 common shares (or pre-funded
warrants to purchase common shares in lieu thereof) and
accompanying warrants to purchase up to 6,400,000 common shares.
Each common share (or pre-funded warrant to purchase one common
share) was sold together with one warrant at a combined public
offering price of US$0.55, for gross proceeds of approximately
US$3.5 million (the “Offering”), before deducting underwriting
discounts and offering expenses. The warrants will have an exercise
price of approximately US$0.61 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 product, potential acquisitions and research and
development. The Offering is expected to close on or about October
30, 2023, subject to the satisfaction of customary closing
conditions.
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 prospectus supplement and accompanying Base
Shelf Prospectus relating to the Offering and describing the terms
thereof will be filed with the applicable securities commissions in
Canada and with the SEC in the United States and will be 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,
when available, 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 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 timing of closing of the
Offering and the anticipated use of proceeds from 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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