DDC (FORMERLY ASHER RESOURCES CORPORATION) ANNOUNCES COMPLETION OF TRANSACTION WITH DDC
Toronto, Ontario – June 10, 2016 – Asher Resources Corporation (the “Company” or “Asher“) is pleased to announce that it has completed the amalgamation transaction (the “Transaction“) with Drone Delivery Canada Inc. (“Drone“), effective June 6, 2016.
Prior to the closing of the Transaction, effective June 3, 2016, the Company’s shares were delisted from trading on the TSX Venture Exchange in order to complete the Transaction.
In connection with the Transaction, effective on June 6, 2016, Asher consolidated its common shares on a four (4) for one (1) basis (the “Consolidation“), resulting in Asher having 6,015,224 common shares outstanding immediately following the Consolidation. The Amalgamation and the Consolidation were approved by the requisite votes cast by shareholders at the special meeting of Asher shareholders held on May 31, 2016. Further, in connection with the Transaction, the Company changed its name to “Drone Delivery Canada Corp.” effective June 6, 2016.
Resulting Capitalization
After completion of the Transaction an aggregate of 89,291,299 common shares in the capital of the Company (the “Common Shares“) are issued and outstanding with former shareholders of Drone holding 60,549,885 Common Shares, representing approximately 67.8% of the outstanding Common Shares and the original shareholders of the Company holding 28,741,414 Common Shares (which includes those Asher subscription receipt holders who will receive 19,642,857 Common Shares pursuant to the previously announced brokered subscription receipt financing of Asher), representing approximately 32.2% of the outstanding Common Shares. The Company also has 2,117,713 warrants outstanding and 566,250 options outstanding.
The common shares have been conditionally accepted for listing on the Canadian Securities Exchange (the “CSE“), subject to the satisfaction of customary listing conditions, and the Company has reserved the symbol “FLT” and anticipates to trade under this symbol upon listing. The Company has submitted its final listing package to the CSE to obtain a final listing date and will provide a further update at such time.
Further details of the Transaction can be found by reviewing the press releases of the Company on December 17, 2015, January 19, 2016, April 11, 2016, May 13, 2016, May 25, 2016 and June 1, 2016.
Management
In connection with the Transaction, the board and management of the Company are now comprised as follows:
Tony Di Benedetto – Director and Chief Executive Officer
Paul Di Benedetto – Chief Technology Officer and Corporate Secretary
Richard Buzbuzian – President and Director
Robert Suttie – Chief Financial Officer
Greg Colacitti – Vice President
Chris Irwin – Director
Michael Della Fortuna – Director
Rob Montemarano – Director
About Drone Delivery Canada Inc.
Drone Delivery Canada Inc. is a drone technology company incorporated under the laws of Ontario and based out of Vaughan, Ontario focused on the design, development and implementation of a commercial drone logistics platform for retailers, service organizations and government agencies.
For more information please visit www.dronedeliverycanada.com
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. 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 law.
Cautionary Statements
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Contact Information
Drone Delivery Canada Corp. (formerly Asher Resources Corporation)
Richard Buzbuzian
President
(416) 361-6167
richard@dronedeliverycanada.com
Drone Delivery Canada Corp. (formerly Asher Resources
Corporation)
Tony Di Benedetto
Chief Executive Officer
(647) 476-2128
tony@dronedeliverycanada.com
