Drone Delivery Canada Announces Upsized Bought Deal Public Offering to $12.0 Million

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TORONTO, Dec. 1, 2020 /CNW/ – Drone Delivery Canada Corp. (TSXV: FLT[1]) (OTC: TAKOF) (the “Company” or “DDC“) is pleased to announce that in connection with its previously announced bought deal public offering, the Company and a syndicate of investment dealers co-led by Cormark Securities Inc. and Echelon Wealth Partners Inc. (collectively, the “Underwriters“) have agreed to increase the size of the offering. The Company will now issue 13,640,000 Units (the “Units“) from the treasury of the Company, at a price of $0.88 per Unit for total gross proceeds of approximately $12,003,200 (the “Offering“).

Each Unit will consist of one common share (each a “Common Share“) of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant” and collectively the “Warrants“) of the Company. Each Warrant will entitle the holder thereof to purchase one Common Share at a price equal to $1.20 for a period of 24 months.

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