Draganfly Announces Pricing Of $3.5M Underwritten Offering Of 6.4M Shares And Accompanying Warrants Of Common Stock At A Price Of $0.55/Share, Warrants Have An Excercise Price Of ~$0.61/Share

Author: Benzinga Newsdesk | October 26, 2023 09:56am

Draganfly Inc. (NASDAQ:DPRO) (CSE:DPRO) (FSE: 3U8A) ("Draganfly" or the "Company"), an award-winning, industry-leading drone solutions, and systems developer, today announced the pricing of an underwritten offering of 6,400,000 common shares (or pre-funded warrants to purchase common shares in lieu thereof) and accompanying warrants to purchase up to 6,400,000 common shares. Each common share (or pre-funded warrant to purchase one common share) was sold together with one warrant at a combined public offering price of US$0.55, for gross proceeds of approximately US$3.5 million (the "Offering"), before deducting underwriting discounts and offering expenses. The warrants will have an exercise price of approximately US$0.61 per share, are exercisable immediately and will expire five years following the date of issuance.

 

Maxim Group LLC is acting as sole book-running manager for the Offering.

Draganfly currently intends to use the net proceeds from the Offering for general corporate purposes, including to fund its capabilities to meet demand for its new products including growth initiatives and/or for working capital requirements including the continuing development and marketing of the Company's core product, potential acquisitions and research and development. The Offering is expected to close on or about October 30, 2023, subject to the satisfaction of customary closing conditions.

 

Posted In: CSE:DPRO DPRO