Toronto, Ontario – Deveron UAS Corp. (CSE: DVR) (“Deveron” or the “Company”) a leading agriculture digital services and insights provider in North America is pleased to announce the closing of a non-brokered private placement (the “Offering”) of units (“Units”) with a group of strategic investors led by Bill Linton. The Offering was completed at a price of $0.10 per Unit for gross proceeds of $655,000 and a total of 6,550,000 Units issued.
Bill Linton has been appointed as a Director and non-executive Chairman of the Board of Directors, with the goal of helping accelerate the Company’s vision and strategy in becoming one of North America’s leading digital agriculture companies.
Bill Linton is an experienced Director and private investor. He currently serves on the Boards of TMX Group (TSE: X), Empire Company (TSE: EMP.A), and CSL Group. He has invested in and served as an advisor to and/or Board member of a number of successful technology companies including UXP Systems (acquired by AmDocs (NYSE: DOCS)), In The Chat (acquired by Pegasystems (NASDAQ: PEGA)) and Softchoice Corp. (acquired by Birch Hill Equity Partners). Bill retired in 2012 as the CFO of Rogers Communications Inc. (TSE: RCI.B) and prior to that was the CEO of Call Net Enterprises.
“Over the last 12 months, we have transformed Deveron from an agriculture service provider into an integrated digital business helping improve farm outcomes throughout North America,” commented Deveron’s President and CEO, David MacMillan. “As we begin to position the Company for accelerated growth and expansion, I could not be more thrilled to welcome Bill to our board. His experience and success in helping build technology companies speaks for itself. It is exciting to have a group of experienced technology executives invest in and validate our vision.”
“I have been an investor in Deveron since its founding and continue to see the opportunity they are carving out in one of the world’s most important industries,” commented Bill Linton. “2019 was a truly transformational year for Deveron as they have hit an inflection point in their opportunity to scale and provide digital solutions to the near 1 billion acres of farmland in North America. I look forward to leveraging my experience building and advising technology companies in helping Deveron achieve significant impact in providing value added services to its growing customer base.”
Each Unit consists of one common share of the Company (a “Common Share”) and, one half of one Common Share purchase warrant, with each whole warrant being exercisable for one Common Share of the Company at an exercise price of $0.20, for a period of 18 months from the date of issuance. All securities issued in connection with the Offering are subject to a four month hold period expiring August 7, 2020.