Drone Delivery Canada and Volatus Aerospace announce merger
by CM Staff
By joining forces, Volatus and Drone Delivery Canada plan to immediately begin commercialization efforts, which is intended to enhance shareholder value.
TORONTO — Drone Delivery Canada Corp., a drone technology company focused on the design, development, and implementation of its proprietary technologies for remotely piloted aircraft operations, and Volatus Aerospace Corp., involved in the operation of piloted and remotely piloted aircraft systems (drones), announce that they have entered into a business combination agreement to combine the companies in a merger of equals transaction, with the combined company to continue under the name “Volatus Aerospace Corp.”
Under the Merger, which the boards of directors of both companies have approved, the combined company will be led by a board of directors and management team of experienced drone technology industry and business leaders, bringing together the cultures, strengths, and capabilities of both companies. By joining forces, Volatus and Drone Delivery Canada plan to immediately begin commercialization efforts, which is intended to enhance shareholder value. Subject to customary closing conditions, the Merger is expected to close in the third quarter of 2024.
To date, Drone Delivery Canada has invested $40 Million into building drone cargo solutions that are now ready to go to market. By focusing on drone services, training, and equipment sales, Volatus is trying to leverage these technologies and bring them to market. As regulations begin to enable the commercialization of drone cargo and remote drone operations, Volatus has been planning to commercialize its efforts in Advanced Air Mobility, adding to its go-to-market strategy.
Steve Magirias, Chief Executive Officer of Drone Delivery Canada, commented, “Drone Delivery Canada has been searching for the right partner to join us on our growth journey and we are confident that Volatus is a great fit, from a management vision point of view, industry know-how, and experience. We were initially attracted to Volatus’ strong reputation in the industry, admirable fiscal management through a challenging capital markets environment, and vision towards generating diversified lines of revenue.”
Ian McDougall, Chair of Volatus board of directors, commented, “We are thrilled to announce this transformative merger with Drone Delivery Canada. Merging with Drone Delivery Canada will enhance our ability to offer cutting edge technology and services to our clients and help position the combined company as a global leader. Volatus sees a tremendous opportunity to commercialize Drone Delivery Canada’s advanced technologies, through our network of partners, Fortune 500, international mining, oil and gas, and utilities clients, further positioning the combined company as a global leader in drone technologies and services.”
Volatus also announces its plan to complete a non-brokered private placement of $1,000 principal amount of unsecured non-convertible debentures for gross proceeds of up to $980,000 through the issuance of up to 1,000 Debentures at a price of $980 per debenture in one or more tranches.
