Deveron Resources Ltd. (TSX-V: DVR) (“Deveron” or the “Company”), is pleased to announce that it has been granted its Special Flight Operations Certificate (“SFOC”) from Transport Canada. The SFOC permits Deveron to operate small Unmanned Aerial Vehicles (“UAV”) for the purpose of surveying agricultural land in rural areas.
Deveron will be operating under a standing SFOC which allows the company to operate on an annual basis rather than a per flight basis. To use a UAV for work or research in Canada, companies are legally required to hold an SFOC. The Company views responsible and safe operations as a cornerstone to the development of the UAV service business in Canada. “We are pleased to gain our annual exemption from Transport Canada for 2016.” commented Deveron’s Head of Agriculture, Norm Lamothe. “Deveron is setting the standard for responsible operations in Canada in the years ahead. In anticipation of receiving the SFOC, Deveron has built a network of licensed pilots who will be situated strategically across the key agricultural areas of Ontario during the 2016 growing season.”
Drones are transforming the way data collection and analysis are conducted on a farm. Deveron uses industry leading hardware, camera, sensor and software technologies to collect crop data and provide actionable data to farmers. Images can be used with existing farm GIS software for variable rate fertilizing, seeding, pesticide applications and other prescription management solutions to ultimately help farmers increase yields and reduce costs.
Separately, Deveron intends to complete a non-brokered private placement financing of up to 4,000,000 units (each, a “Unit”) at a price of $0.20 per Unit for gross proceeds of up to $800,000 (the “Offering”).
Each Unit shall be comprised of one common share (a “Common Share”) and one-half of a Common Share purchase warrant (each whole warrant a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.30 per Common Share for a period of twenty-four (24) months from the date of issuance.
The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period. The Offering is also subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. Certain eligible persons may receive finder fees in connection with the Offering in the way of cash commission and/or compensation warrants. The Company will use the net proceeds from the Offering for general working capital purposes.