21 Mar 2017 14:10
21 March 2017
Draganfly Investments Limited
("Draganfly" or the "Company")
Update and Notice of EGM
Given that the company's investments are now immaterial, and its assets are predominantly in cash, the Company is now regarded as an AIM Rule 15 cash shell and accordingly must announce a reverse takeover or seek readmission as an investing company within 12 months from the date of this announcement pursuant to paragraph 5.6 of the AIM Note for Investing Companies. If no such transaction is announced within that period, the Company's shares will be suspended pursuant to Rule 15.
In order to fund the professional fees that will be incurred in such a transaction, the Board wish to have the discretion to issue up to a further 100 million new ordinary shares. The Board have, accordingly, called an Extraordinary General Meeting on 12 April 2017 to give them the requisite authorities.
A notice of the Extraordinary General Meeting will be available on the Company's website shortly.
For further information please contact:
T Edward G Bayman +44 (0) 1534 787898
Dennis Edmonds +44 (0) 7796 338 372
Jon Belliss
Beaufort Securities Limited (Broker) +44 (0) 20 7382 8300
Tom Price / David Hignell
Northland Capital Partners (Nominated Adviser) +44 (0) 20 3861 6625