Deveron Announces Brokered Private Placement

TORONTO, ON / ACCESSWIRE / March 29, 2017 / Deveron UAS Corp. (CSE: DVR) (“Deveron” or the “Company”), is pleased to announce that it has retained First Republic Capital Corporation (the “Agent”) to act as lead agent in connection with a best efforts brokered private placement to raise gross proceeds of up to $1,050,000 through the issuance of up to 3,000,000 units of the Company (the “Units”) at a price of $0.35 per Unit (the “Offering”). Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share of the Company (a “Warrant Share”) at a price of C$0.50 per Warrant Share for a period of 18 months after the closing of this Offering. In addition, the Company has granted the Agent an over-allotment option to sell up to an additional 5,000,000 Units for aggregate proceeds of $1,750,000, exercisable at any time up to date of the closing of the Offering.

In connection with the Offering, the Agent will be entitled to a corporate finance fee in an amount equal to 2% of the aggregate gross proceeds of the Units sold and a sales commission equal to 7% of the aggregate gross proceeds of the Units sold. In addition, as additional compensation, the Company will issue to the Agent corporate finance warrants entitling the Agent to purchase a number of Common Shares equal to 2% of the aggregate number of Units sold and selling compensation warrants entitling the Agent to purchase a number of Common Shares equal to 7% of the aggregate number of Units sold, at an exercise price of $0.35 per compensation warrant for 18 months from the date of closing. The Company expects closing to be on or before April 12, 2017.

Net proceeds of the Offering will be used by the Company to further the business of the Company and for general working capital purposes.

About Deveron UAS:

Deveron is an enterprise drone data services company focused on agriculture, offering the opportunity to increase yields and reduce costs using sophisticated Unmanned Aerial Systems (“UAS” or “drones”), sensors, software and analytics. Deveron’s drone data service network allows enterprise level customers to obtain on-demand, actionable data without exposure to technology and capital risks. The Company is focused on building a standardized constellation of drones and sensors to provide data in North America.

For more information and to join our community, please visit www.deveronuas.com or contact:

David MacMillan
President & CEO
Deveron UAS Corp.
416-367-4571 ext. 226
dmacmillan@deveronuas.com

This news release includes certain “forward-looking statements” within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management’s current views with respect to possible future events and conditions and, by their nature, are based on management’s beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of agricultural commodities, general market conditions, risks inherent in agriculture, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the “Risk Factors” section of our annual and interim Management’s Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward looking statements.

SOURCE: Deveron UAS Corp.

ReleaseID: 458463