The use of drones is transforming how aerial images and data are collected and analyzed in many industries with applications in pipeline inspection, forestry management, precision agriculture, media production, mine site surveying and many others. A recent industry overview by CB Insights reports that capital is flowing into UAS companies at an ever accelerating rate. Recently, a UAS company completed Canada's third largest technology financing of 2015 at $60 million. These capital inflows are generating rapid improvements in UAS hardware and software and uncovering new applications almost daily.
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Under the terms of the transaction, Deveron will issue up to 2.5 million common shares and up to 1.25 million warrants on the basis of one share in exchange for each common share of the issued and outstanding common shares in the capital of Ontco (the "Ontco Shares") and one Deveron Share purchase warrant (a "Deveron Warrant") for each Ontco Share purchase warrant (an "Ontco Warrant") not exercised by the holders thereof prior to the Closing Date which shall continue to vest or be convertible on the schedule and terms established at the time of the respective grants.
In addition, Deveron may issue up to 1,000,000 Performance Shares over a three year period depending on certain revenue targets being met. Ontco will nominate two directors to join the four current directors on the board of Deveron.
In due course, the Company will issue press releases with further comprehensive information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this release.
Completion of the transaction is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Filing Statement to be prepared in connection with the transaction, any information released or received with respect to the Change of Business may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
Source: Marketwired