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Draganfly - CEO Cameron Chell. - The Market Herald Canada
CEO Cameron Chell.
Source: Alejandro Cremades.
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  • Draganfly (DPRO) informs the public of the exercise of over-allotment option
  • The exercise of the over-allotment at US$4.00 per share produced additional gross proceeds of US$383,864
  • This brings the aggregate gross proceeds to Draganfly under the Offering to US$20,383,864, before deducting underwriting discounts and Offering expenses
  • Draganfly intends to use the net proceeds of the offering, together with existing cash, for general corporate purposes
  • Draganfly's (DPRO) is up 2.17 per cent and is trading at C$4.50 at 12:39 pm ET

Draganfly's (DPRO) over-allotment option granted to the underwriters in connection with its previously announced public offering in the United States of common shares was exercised in respect of 95,966 common shares.

The exercise of the over-allotment at US$4.00 per share produced additional gross proceeds of US$383,864, bringing the aggregate gross proceeds to Draganfly under the Offering to US$20,383,864, before deducting underwriting discounts and offering expenses.

ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering.

Draganfly intends to use the net proceeds of the offering, together with existing cash, for general corporate purposes.

This includes funding ongoing operations, to fund growth initiatives and/or for working capital requirements including the continuing development and marketing of its core products, potential acquisitions and research and development, as set out in the supplement.

Draganfly filed a prospectus supplement to its short form base shelf prospectus dated July 14, 2021, in each of the provinces of British Columbia, Ontario and Saskatchewan in connection with the offering.

The supplement and accompanying Base Prospectus were also filed with the U.S. Securities and Exchange Commission as part of a registration statement on form F-10.

This went effective with the SEC on July 29, 2021, in accordance with the Multijurisdictional Disclosure System established between Canada and the United States.

Draganfly's (DPRO) is up 2.17 per cent and is trading at C$4.50 at 12:39 pm ET.

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