22 Mar 2018 08:10
Draganfly Investments Limited
("Draganfly" or the "Company")
Transaction Update
22 March 2018
Further to today's announcement of the Company' suspension pursuant to Rule 15 of the AIM Rules , the Directors re-iterate their recent statement that the Board has been actively assessing a number of possible mineral investment opportunities and remains confident that the Company will complete a transaction that satisfies the AIM requirements set out in the Company's announcement dated 21 March 2017.
To this end, the Company confirms that it has entered into non-binding heads of agreement with a private entity owning copper exploration and development assets in Zambia to undertake a reverse takeover in conjunction with a placing of new shares in the enlarged group. Due diligence has started and the Company hopes to announce exchange of contracts and the fundraising, which would be subject, inter alia, to successful completion of due diligence, shareholder approval and admission to AIM, during Q2 2018, at which point the Company will apply for the suspension to be lifted.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 of the European Parliament and of the Council.
For further information please contact:
Luke Bryan +44 (0) 7786 929 966
Dennis Edmonds +44 (0) 7796 338 372
Nick Josh
Cornhill Capital Limited (Broker) +44 (0) 20 3700 2500
Tom Price/Jamie Spotswood
Northland Capital Partners (Nominated Adviser) +44 (0) 20 3861 6625