Deveron UAS closes $1.3M 1st tranche financing

CPE News

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Toronto (pcJ News Briefs) – Deveron UAS Corp. (CSE: DVR) has completed the first tranche of its previously announced brokered private placement led by First Republic Capital Corporation, issuing 3,739,288 units at $0.35 per unit for gross proceeds of $1,308,750.80.

Garfinkle Biderman LLP acted as legal advisor to the agent.

Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at $0.50 per share for a period of 18 months.

First Republic Capital Corporation has elected to exercise the over-allotment option to sell up to an additional 5,000,000 units for gross proceeds of $1,750,000. Part of the over-allotment option was closed in the first tranche and it is expected that the company will close a second tranche of up to 2,571,428 units for gross proceed of up to $900,000 on or before May 19, 2017.

Net proceeds will be used to further the business and for general working capital purposes.

Deveron UAS is an enterprise drone data services company focused on agriculture, offering the opportunity to increase yields and reduce costs using sophisticated Unmanned Aerial Systems (UAS or drones), sensors, software and analytics. Deveron’s drone data service network allows enterprise level customers to obtain on-demand, actionable data without exposure to technology and capital risks. The company is focused on building a standardized constellation of drones and sensors to provide data in North America.

photo credit: Deveron UAS