Each Unit is comprised of one common share (a “Share”) and one half common share purchase warrant (a “Warrant”). Each full Warrant will entitle the holder thereof to purchase one additional Share (a “Warrant Share”) at an exercise price of $0.30 per Warrant Share for a period of 24 months from the date of closing of the Offering.
In connection with the closing of the Offering, the Company paid finder’s fees of $28,210 in cash and issued 141,050 non-transferable finder’s warrants (“Finder’s Warrants”). Each finder Warrant will entitle the holder thereof to purchase one Share at a price of $0.30 for a period of 24 months from the date of closing of the Offering.
The securities underlying the Units, including the Shares, Warrants, Warrant Shares issuable upon due exercise of the Warrants, Finder’s Warrants and the Shares issuable upon the due exercise of the Finder’s Warrants, will all be subject to a four-month statutory hold period which expires on October 23, 2016. Closing of the Offering remains subject to receipt of all necessary regulatory approvals.
About Deveron UAS:
Deveron’s new business, called Deveron UAS, is a full-service company providing farmers with the opportunity to increase yields and reduce costs through the use of sophisticated Unmanned Aerial Systems (“UAS” or “drones”), sensors, software and analytics. The service offering is targeted at farmers, agricultural retailers and independent agronomists using the most advanced drones and sensors on the market today. The company provides a strong value proposition to farmers through reduced costs and/or increased yields (through the optimization of input costs such as water, fertilizer, pesticides, etc.)
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.