Draganfly Inc. closes recapitalization and reverse takeover transaction  

On August 16, 2019, Draganfly Inc. (formerly Drone Acquisition Corp.) ("Draganfly") closed its recapitalization and reverse takeover transaction with Draganfly Innovations Inc.

Draganfly's business is the provision of engineering services and manufacture of commercial unmanned vehicle systems and software.

As part of the transaction, Draganfly completed a private placement of common shares for aggregate gross proceeds of approximately $7.1 million. Following the closing of the transaction, Draganfly filed its long-form non-offering preliminary prospectus with the securities regulatory authorities in each of the provinces of British Columbia and Saskatchewan. Draganfly has also applied to list the common shares on the Canadian Securities Exchange.

Gowling WLG advised Draganfly with respect to these transactions with a team that included Denis Silva, Tara Amiri and Anita Yuk.