Draganfly Announces Pricing of US $8M to Secure Growth Capital

By Draganfly | March 30, 2023

Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), a drone solutions and systems developer, announced the pricing of a firm commitment underwritten public offering with gross proceeds to the Company expected to be approximately US$8.0 million, before deducting underwriting discounts and other estimated expenses payable by the Company. The offering consists of 8,000,000 common shares at a price to the public of US$1.00 per share. The Company intends to use the net proceeds from this 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 products, potential ‎acquisitions and research ‎and development‎.

In addition, the Company granted the underwriter a 30-day option to purchase additional shares of common shares, representing up to 15% of the number of the shares offered in the base deal, solely to cover over-allotments.

The offering is expected to close on March 31, 2023, subject to the satisfaction of customary closing conditions.

Aegis Capital Corp. is acting as the sole book-running manager for the offering.

This offering is being made pursuant to an effective shelf registration statement on Form F-10 (No. 333-258074) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on July 29, 2021. A final prospectus supplement and accompanying shelf prospectus (collectively, the “Prospectus”) describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying shelf prospectus may be obtained by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [email protected], or by telephone at (212) 813-1010. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying shelf prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying shelf prospectus, which provide more information about the Company and such offering.

There is no offering of common shares by the underwriter in Canada.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.