Deveron gets $900,000Nice job guys. That's some serious cash for a start turning cash flow positive.
Deveron UAS sells Boreal holdings for $960,000
2017-01-06 07:32 ET - News Release
Mr. David MacMillan reports
DEVERON MONETIZES LEGACY ASSETS
Deveron UAS Corp. has tendered 100 per cent of its shareholdings in Boreal Agrominerals Inc. to an offer from 9949941 Canada Inc. to acquire 100 per cent of Boreal by plan of arrangement. On closing, the company has received an initial payment of three cents per share on its original holdings of three million shares, totalling $90,000. In total, Deveron is to receive cash considerations, after the payment of certain obligations of Boreal, of approximately 32 cents per share to be paid in three tranches:
- Three cents per share immediately after Dec. 30, 2016 (completed);
- 12 cents per share on or before the six-month anniversary of the effective date;
- 17 cents 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 chief executive officer. "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."
We seek Safe Harbor.
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