Drone Delivery Canada Announces Accelerated Expiry of Warrants
Drone Delivery Canada Corp. (TSXV: FLT) (the “Company”) announces that they have elected to accelerate the expiry of the remaining 12,009,935 common share purchase warrants (“Warrants”) of the Company which were issued pursuant to a private placement completed on February 28, 2017. Each Warrant is exercisable to purchase one common share of the Company at a price of $0.45 per common share until February 28, 2019, however, pursuant to the terms of the warrant indenture (“Warrant Indenture”), as amended, governing the Warrants (CUSIP/ISIN: 26210W134/CA26210W1344), the expiry of the Warrants may be accelerated should the volume weighted average price at which the common shares trade on the CSE or such other Canadian stock exchange on which the Common Shares are trading, exceed $1.00 for 10 consecutive trading days at any time following the date of issuance of the Warrants, the Company may give notice to the holders of the Warrants that the Warrants shall expire on the date which is 30 calendar days following the date of such notice and a press release is issued by the Company on the same date of such notice given to the holders of the Warrants announcing the amended expiry date.
The Company has elected to accelerate the expiry of the Warrants to February 23, 2018 (the “Accelerated Expiry Date”), with this press release constituting part of the notice of acceleration. Any Warrants remaining unexercised after the Accelerated Expiry Date will be cancelled and will thereafter be of no force or effect.
Holders may exercise the Warrants before 5:00 p.m. (Pacific time) on February 23, 2018 by observing the process as set out in the Warrant Indenture. The contact details for the Warrant Agent is, Computershare Trust Company of Canada, 3rd Floor, 510 Burrard Street, Vancouver, BC, V6C 3B9, Att: General Manager, Corporate Trust.
Assuming all of the Warrants are exercised, the Company will receive proceeds of approximately $5,404,470.75. The proceeds will be used for working capital purposes.
About Drone Delivery Canada Corp.
Drone Delivery Canada 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 Software as a Service (SaaS) for government and corporate organizations.
Drone Delivery Canada Corp. is a publicly listed company trading on the TSX Venture 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.