TORONTO, ONTARIO--(Marketwired - Jan. 6, 2017) - Deveron UAS Corp. (CSE:DVR)(CSE:DVR.CN) ("Deveron" or the "Company"), a leading enterprise drone data solution for agriculture, is pleased to announce that it has tendered 100% of its shareholdings in Boreal Agrominerals Inc. ("Boreal") to an offer from 9949941 Canada Inc. to acquire 100% of Boreal by plan of arrangement. On closing, the Company has received an initial payment of $0.03 per share on its original holdings of 3 million shares, totaling $90,000. In total, Deveron is to receive cash considerations, after the payment of certain obligations of Boreal, of approximately $0.32 per share to be paid in three tranches:
- $0.03 per share immediately after December 30, 2016 ("Effective Date") (completed);
- $0.12 per share on or before the 6-month anniversary of the Effective Date;
- $0.17 per share on or before the one-year anniversary of the Effective Date, which could be extended to the second anniversary of the Effective Date.
The arrangement agreement calls for total cash consideration to Deveron of $960,000.
"Deveron continues to see sizable growth opportunities in its drone data business as we head into 2017," commented David MacMillan, Deveron's President and CEO. "Monetizing legacy assets provides ample capital for the growth of our network of drones as we target expansion into western Canada and select opportunities in the United States."
About Deveron UAS:
Deveron is a full-service 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 and eliminates technology and capital risks.
For more information and to join our community, please visit www.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.