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TORONTO, ONTARIO--(Marketwired - Mar 24, 2016) - Deveron Resources Ltd. (TSX VENTURE:DVR) ("Deveron" or the "Company"), is pleased to announce that it has been granted its Special Flight Operations Certificate ("SFOC") from Transport Canada. The SFOC permits Deveron to operate small Unmanned Aerial Vehicles ("UAV") for the purpose of surveying agricultural land in rural areas.
Deveron will be operating under a standing SFOC which allows the company to operate on an annual basis rather than a per flight basis. To use a UAV for work or research in Canada, companies are legally required to hold an SFOC. The Company views responsible and safe operations as a cornerstone to the development of the UAV service business in Canada. "We are pleased to gain our annual exemption from Transport Canada for 2016," commented Deveron's Head of Agriculture, Norm Lamothe. "Deveron is setting the standard for responsible operations in Canada in the years ahead. In anticipation of receiving the SFOC, Deveron has built a network of licensed pilots who will be situated strategically across the key agricultural areas of Ontario during the 2016 growing season."
Drones are transforming the way data collection and analysis are conducted on a farm. Deveron uses industry leading hardware, camera, sensor and software technologies to collect crop data and provide actionable data to farmers. Images can be used with existing farm GIS software for variable rate fertilizing, seeding, pesticide applications and other prescription management solutions to ultimately help farmers increase yields and reduce costs.
Separately, Deveron intends to complete a non-brokered private placement financing of up to 4,000,000 units (each, a "Unit") at a price of $0.20 per Unit for gross proceeds of up to $800,000 (the "Offering").
Each Unit shall be comprised of one common share (a "Common Share") and one-half of a Common Share purchase warrant (each whole warrant a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.30 per Common Share for a period of twenty-four (24) months from the date of issuance.
The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period. The Offering is also subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. Certain eligible persons may receive finder fees in connection with the Offering in the way of cash commission and/or compensation warrants. The Company will use the net proceeds from the Offering for general working capital purposes.
Certain insiders of the Company may participate in the Offering.
About Deveron UAS:
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"), 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.
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.
This news release includes certain "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of commodities, general market conditions, risks inherent in exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward looking statements.
Deveron Resources Ltd.
VP Corporate Development
416-367-4571 ext. 226