Draganfly Announces Closing of US$2.0 Million Registered Direct Offering

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SASKATOON, Saskatchewan, Aug. 21, 2024 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), a developer of unmanned aerial vehicle (UAV) systems and solutions, today announced that it has closed its previously announced offering of 16,666,666 units of the Company, each consisting of one common share (or a pre-funded warrant to purchase one common share in lieu thereof) and one warrant to purchase one common share. Each unit was sold at a public offering price of $0.12, for gross proceeds of approximately $2.0 million (the “Offering”), before deducting underwriting discounts and offering expenses. The warrant has an exercise price of $0.15 (CAD$0.2048) per share, is exercisable immediately and will expire five years from the date of issuance and the exercise price in Canadian currency.

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Maxim Group LLC acted as sole agent for the offering.

Draganfly currently intends to use the net proceeds from the offering for general corporate purposes, including funding its ability to meet demand for its new products including growth initiatives and/or working capital requirements including the continued development and commercialization of the Company’s core products, potential acquisitions and research and development.

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

The prospectus supplement and accompanying base prospectus relating to the offering describing the terms of the offering have been filed with the appropriate securities commissions of the Canadian provinces of British Columbia, Saskatchewan and Ontario and with the United States Securities and Exchange Commission and are available free of charge by visiting the Company’s profiles on the SEDAR+ website operated by the Canadian Securities Commission at the following address: www.sedarplus.ca Or the Securities and Exchange Commission website at www.sec.govas applicable. Copies of the prospectus supplement and the accompanying base prospectus relating to the offering may be obtained by contacting Maxim Group LLC, 300 Park Avenue, 16^D Ground Floor, New York, NY 10022, Union Division, or by phone at (212) 895-3745 or by email at Syndicate@maximgrp.com.

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This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a manufacturer of drone solutions, software, and artificial intelligence systems.

Media Contact
Erica Rascott
Email: Media@draganfly.com

Contact the company
Email: info@draganfly.com

Forward-looking statements

Certain statements in this press release may constitute “forward-looking statements” or “forward-looking information” under applicable securities laws. Such statements, based on management’s current expectations, inherently involve a number of significant risks, uncertainties and assumptions, both known and unknown. In this press release, such forward-looking statements include, but are not limited to, statements regarding the expected use of the proceeds of the offering. Actual future events may differ from the anticipated events expressed in such forward-looking statements. Draganfly believes that the expectations represented by the forward-looking statements are reasonable, however, there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this press release. These forward-looking statements speak only as of the date they are made, and Draganfly assumes no obligation and disclaims any intention to publicly update or revise these statements as a result of any new information, future event or circumstance or otherwise, unless required by applicable securities laws. Investors are cautioned not to place undue reliance on these forward-looking statements and are encouraged to read the Offering Documents, as well as Draganfly’s ongoing disclosure documents, including the current Annual Information Form, as well as the audited consolidated annual financial statements available on SEDAR+ at www.sedarplus.ca And on EDGAR in www.sec.gov/edgar.

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