Draganfly Announces Pricing of US$3.5 Million Underwritten Offering

Los Angeles, CA., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions, and systems developer, today announced the pricing of an underwritten offering of 6,400,000 common shares (or pre-funded warrants to purchase common shares in lieu thereof) and accompanying warrants to purchase up to 6,400,000 common shares. Each common share (or pre-funded warrant to purchase one common share) was sold together with one warrant at a combined public offering price of US$0.55, for gross proceeds of approximately US$3.5 million (the “Offering”), before deducting underwriting discounts and offering expenses. The warrants will have an exercise price of approximately US$0.61 per share, are exercisable immediately and will expire five years following the date of issuance.

Maxim Group LLC is acting as sole book-running manager for the Offering.

Draganfly currently intends to use the net proceeds from the Offering for general corporate purposes, including to fund its capabilities to meet demand for its new products including growth initiatives and/or for working capital requirements including the continuing development and marketing of the Company’s core product, potential acquisitions and research and development. The Offering is expected to close on or about October 30, 2023, subject to the satisfaction of customary closing conditions.

The Offering is being made pursuant to an effective shelf registration statement on Form F-10, as amended, (File No. 333-271498) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 5, 2023 and the Company’s Canadian short form base shelf prospectus dated June 30, 2023 (the “Base Shelf Prospectus”). Draganfly will offer and sell the securities in the United States only. No securities will be offered or sold to Canadian purchasers.

A prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering and describing the terms thereof will be filed with the applicable securities commissions in Canada and with the SEC in the United States and will be available for free by visiting the Company’s profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca or the SEC’s website at www.sec.gov, as applicable. Copies of the prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering may be obtained, when available, by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, or by telephone at [phone] or by email at [e-mail].