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Deveron UAS Divests Legacy Assets reporting on Deveron News.

Editors Note:

Norm Lamothe and David MacMillian of Deveron UAS will be presenting at the Precision Agriculture Conference on January 31 and February 1, in London, ON. 

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Company Divests Legacy Assets To Focus On Agriculture UAS Services. 

Deveron UAS Corp., 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.  
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The team visited Norm Lamothe this summer while he was scouting a soybean field for a farmer.  Here is the video of the project.