Global UAV closes acquisition of NOVAerial Robotics
Global UAV closes acquisition of NOVAerial Robotics
2017-08-09 15:14 ET - News Release
Mr. Jason Springett reports
GLOBAL UAV TECHNOLOGIES FORMALLY CLOSES THE PURCHASE OF NOVAERIAL ROBOTICS
Global UAV Technologies Ltd. has formally closed the purchase of a 100-per-cent interest in NOVAerial Robotics Ltd. (see news release dated May 25 and July 17, 2017). With this formal closing, NOVAerial becomes the fourth wholly owned subsidiary of Global UAV Technologies.
The company paid a total of $300,000 and issued 4,584,527 shares to the underlying owner of NOVAerial at a deemed price of 8.7 cents per share. The shares will be subject to a voluntary escrow release over the next three years with the first set of shares (10 per cent of the total) with a hold period of four months and one day. Immediately prior to the completion of the transaction, the previous owner of NOVAerial owned no shares of Global UAV Technologies.
Robert Lefebvre has signed a new contract with NOVAerial to act as managing director and will continue to operate the business under the guidance of Global UAV Technologies.