FOR IMMEDIATE RELEASE: June 27, 2016
TSXV:DVR
Deveron Resources Ltd. (TSX-V: DVR) (“Deveron” or the “Company”), is pleased to announce that it has completed its previously announced non-brokered private placement financing (the “Offering”) compromising of 3,621,000 units (the “Units”) at a purchase price of $0.20 per Unit for gross proceeds of $724,200.
Each Unit is comprised of one common share (a “Share”) and one half common share purchase warrant (a “Warrant”). Each full Warrant will entitle the holder thereof to purchase one additional Share (a “Warrant Share”) at an exercise price of $0.30 per Warrant Share for a period of 24 months from the date of closing of the Offering.
In connection with the closing of the Offering, the Company paid finder’s fees of $28,210 in cash and issued 141,050 non-transferable finder’s warrants (“Finder’s Warrants”). Each finder Warrant will entitle the holder thereof to purchase one Share at a price of $0.30 for a period of 24 months from the date of closing of the Offering.
The securities underlying the Units, including the Shares, Warrants, Warrant Shares issuable upon due exercise of the Warrants, Finder’s Warrants and the Shares issuable upon the due exercise of the Finder’s Warrants, will all be subject to a four-month statutory hold period which expires on October 23, 2016. Closing of the Offering remains subject to receipt of all necessary regulatory approvals.
In connection with the Offering, Greencastle Resources Ltd. (“Greencastle”), (TSX-V: VGN) has subscribed to 875,000 units. Upon completion of the Offering, Greencastle will own 8,631,005 Common Shares of the Issuer representing approximately 56% of the Issuer’s issued and outstanding Common Shares on a non-diluted basis. If Greencastle were to exercise all of its convertible securities it would own 15,099,595 Common Shares, representing approximately 69% of the Issuer’s then outstanding Common Shares, on a partially diluted basis.
A copy of the early warning report that Greencastle will file will be made available on SEDAR (www.sedar.com).
AboutDeveronUAS:
Deveron’s new business, called Deveron UAS, is a full-service company providing farmers with the opportunity to increase yields and reduce costs through the use of sophisticated Unmanned
Aerial Systems (“UAS” or “drones”), sensors, software and analytics. The service offering is
targeted at farmers, agricultural retailers and independent agronomists using the most advanced drones and sensors on the market today. The company provides a strong value proposition to farmers through reduced costs and/or increased yields (through the optimization of input costs such as water, fertilizer, pesticides, etc.)
For more information and to join our community, please visit www.deveronuas.com
David MacMillan
VP Corporate Development Deveron Resources Ltd.
416-367-4571 ext. 226
dmacmillan@deveronresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Thisnewsreleaseincludescertain“forward-lookingstatements”withinthemeaningofthatphraseunderCanadiansecuritieslaws.Withoutlimitation,statementsregardingpotentialmineralizationandresources,explorationresults,andfutureplansandobjectivesoftheCompanyareforwardlookingstatementsthatinvolvevariousdegreesofrisk.Forward-lookingstatementsreflectmanagement’scurrentviewswithrespecttopossiblefutureeventsandconditionsand,bytheirnature,arebasedonmanagement’sbeliefsandassumptionsandsubjecttoknownandunknownrisksanduncertainties,bothgeneralandspecifictotheCompany.AlthoughtheCompanybelievestheexpectationsexpressedinsuchforward-lookingstatementsarereasonable,suchstatementsarenotguaranteesoffutureperformanceandactualresultsordevelopmentsmaydiffer materiallyfromthoseinourforward-lookingstatements.ThefollowingareimportantfactorsthatcouldcausetheCompany’sactualresultstodiffermateriallyfromthoseexpressedorimpliedbysuchforwardlookingstatements:changesintheworldwidepriceofcommodities,generalmarketconditions,risksinherentinexploration,risksassociatedwithdevelopment,constructionandminingoperations,theuncertaintyoffutureprofitabilityandtheuncertaintyofaccesstoadditionalcapital.Additionalinformationregardingthematerialfactorsandassumptionsthatwereappliedinmakingtheseforwardlooking statementsaswellasthevariousrisksanduncertaintieswefacearedescribedingreaterdetailinthe“RiskFactors”sectionofourannualandinterimManagement’sDiscussionandAnalysisofourfinancial results and other continuous disclosure documents and financial statements we file withthe Canadiansecuritiesregulatoryauthoritieswhichareavailableatwww.sedar.com. TheCompanyundertakesnoobligationtoupdatethisforward-lookinginformationexceptasrequiredbyapplicablelaw.TheCompanyreliesonlitigation
protectionforforwardlookingstatements.