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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Draganfly | LSE:DRG | London | Ordinary Share | JE00BSJX1352 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.265 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMDRG
RNS Number : 7116V
Draganfly Investments Ltd
25 July 2018
25 July 2018
Draganfly Investments Limited
("Draganfly" or the "Company")
Related Party Transaction - Convertible Loan Note of GBP60,000
Croesus Mining Pty Ltd, which is acting as a trustee for the Steinepreis Superannuation Fund, has agreed to lend the Company GBP60,000 via an unsecured convertible loan note ("CLN").
The CLN is repayable on the first anniversary of the date of the agreement, being 24 July 2019 and attracts interest at a rate of 8% per annum. The Company has the right to repay the CLN at any time and the right at any stage prior to repayment, to convert the CLN into ordinary shares in the Company at 0.25p per share. This funding will be used to finance the Company's transaction costs in relation to a proposed reverse takeover as initially announced on 22 March 2018, and its working capital requirements.
Related Party Transaction
David Steinepreis is beneficially interested in the Steinepreis Superannuation Fund and has a 39 per cent. holding in Pelamis Investments Limited, which is a 22.6 per cent. shareholder of the Company.
Accordingly, the subscription for the CLN by Croesus Mining Pty Ltd constitutes a related party transaction under Rule 13 of the AIM Rules for Companies. The Directors consider, having consulted with SP Angel Corporate Finance LLP, the Company's Nominated Adviser, that the terms of the Convertible Loan Note are fair and reasonable insofar as the Company's shareholders are concerned.
Deal Update
The Company is pleased to report that it is in the process of completing due diligence in respect of the proposed acquisition of a private entity that owns copper exploration and development assets. A Competent Person's Report has been completed on the mining assets and legal and financial due diligence is well advanced. The vendors have also agreed an exclusivity extension until mid-September 2018.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
For further information please contact:
Draganfly Investments Luke Bryan Tel: +44 (0) 7786 Limited Dennis Edmonds 929 966 Tel: +44 (0) 7796 338 372 SP Angel Richard Morrison Tel: +44 (0) 20 3470 (Nominated Adviser Caroline Rowe 0470 and Joint Broker) ----------------- --------------------- Cornhill Capital Nick Josh Tel: +44 (0) 20 3700 Limited (Joint Broker) 2500 ----------------- ---------------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
July 25, 2018 04:19 ET (08:19 GMT)
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