Deveron Completes Second and Final Tranche of Previously Announced Private Placement for a Total of $2.024 Million

Toronto, Ontario–(Newsfile Corp. – June 5, 2017) – Deveron UAS Corp. (CSE: DVR) (“Deveron” or the “Company“), is pleased to announce that, further to its press release dated April 21, 2017, the Company, on June 2, 2017, has completed the second and final tranche of its previously announced brokered private placement (the “Offering“) through the issuance of 2,046,356 Units (as defined below) of the Company for gross proceeds of $716,224.60. The Offering was led by First Republic Capital Corporation (the “Agent“). Garfinkle Biderman LLP acted as legal advisor to the Agent.

To date, the Company has issued an aggregate of 5,785,644 units (each, a “Unit“) at a price of $0.35 per Unit, for aggregate gross proceeds of $2,024,975.40, which includes the proceeds raised from the first tranche. 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 final tranche.

As consideration for the services provided by the Agent and other agents in connection with the closing of this final tranche, the Agent and certain other agents received cash commissions equal to the aggregate of $52,210.21 and an aggregate of 149,172 compensation warrants (the “Compensation Warrants“). Each Compensation Warrant is exercisable at any time until 18 months from the date of closing of this final tranche into one Common Share at an exercise price of $0.35.

All securities issued in connection with the Offering are subject to a hold period until four months and a day from the date of closing.

Net proceeds 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 http://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.

from Newsfile Corp News Releases http://ift.tt/2rVX6mt

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