Deveron UAS Corp., - CEO, David A MacMillan
CEO, David A MacMillan
Source: YouTube (SmallCapPower)
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  • Deveron UAS (CSE:DVR) has completed its second fundraising round
  • The company has closed its second and final tranche of share offerings
  • Shares went for C$0.10 per share, for a total of C$700,000 raised
  • The first tranche raised $1,355,000, also for $0.10 per share
  • Deveron UAS (CSE:DVR) is holding steady at $0.19 per share, with a market cap of $7 million

Deveron UAS (CSE:DVR) has completed the second round of its fundraising round, raking in $700,000 at C$0.10 per share.

The agricultural data company has been focused on developing new projects and services for smarter farming. Deveron recently branched out into a network of drone pilots for agricultural use.

The company, through its subsidiary Veritas Farm Management, is in the data growing sector. As such, it provides farmers with smarter solutions to farming problems.

This issuance adds to the initial $1,335,000 which the company raised in its first share offering. The fundraising has followed a fairly standard model.

The units on offer include one common share and one half share of a purchase warrant. The purchase warrant is exercisable at $0.20 per share.

All securities issued are subject to a four month hold period, expiring August 16 2020.

In connection with the tranche, the company issued 420,000 broker warrants. Those warrants are equal to seven per cent of the units issued to subscribers introduced to the company by brokers.

Each broker warrant entitles the holder to acquire a common share of the company at $0.20 per share.

Deveron’s CEO and President, David A MacMillan, said that the company was pleased to see the additional interest in its growth plan and strategy.

“With this investment round now complete, we are excited to execute and continue to build relationships with new customers both here in Canada and the United States.

“Our team has identified a number of opportunities to grow our footprint, which we look forward to communicating in the near future,” the CEO said.

Deveron UAS (CSE:DVR) is holding steady, trading at $0.19 per share at 10:26am EST.

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