Toronto, Ontario--(Newsfile Corp. - June 15, 2022) - Drone Delivery Canada Corp. (TSXV: FLT) (OTCQX: TAKOF) (FSE: A2AMGZ) (FSE: ABB) (the "Company" or "DDC") is pleased to announce that it has filed an amendment of its notice of articles and articles in order to implement a variable voting system by creating two new classes of shares, variable voting shares and common voting shares, in accordance with the Business Corporations Act (British Columbia), and to address various matters relating to the new variable voting system and other matters.
As disclosed in its management information circular dated April 5, 2022 (the "Circular"), the amendments to the articles of the Company allow the Company to continue to meet the Canadian ownership requirements under the Canada Transportation Act (the "Act"), in order to obtain its domestic air service operating license to transfer cargo using aircraft, under section 61 of the Act. The amendments were approved by shareholders of the Company at its annual general and special meeting held on May 11, 2022 (the "Meeting"). For more information, please refer to the Circular available under Company's profile on SEDAR at www.sedar.com.
The amendments ensure that the Company is compliant with the Canadian ownership requirements under the Act, and have resulted in the Company receiving a permanent licence for the provision of domestic air services from the Canadian Transportation Agency.
The common voting and variable voting shares are expected to commence trading on the TSX Venture Exchange on or about June 21, 2022, under the Company's current stock symbol "FLT". A new CUSIP number has been obtained for the common voting and variable voting shares to replace the previous CUSIP number. A letter of transmittal ("Letter of Transmittal") for the surrender of certificates representing common shares for use in exchanging those certificates for common voting and variable voting shares certificates was mailed shareholders with the Circular. The Letter of Transmittal contains instructions on how registered shareholders are to exchange their common share certificates. The Letter of Transmittal, when properly completed and returned together with a certificate or certificates representing common shares and all other required documents, will enable each registered shareholder to obtain certificates representing the same number of common voting and variable voting shares. Shareholders whose common shares are registered in the name of a broker, investment dealer, bank, trust company or other nominee should contact that nominee for assistance.
In addition, the Company is also pleased to announce that its proposal to amend the terms of the stock option plan of the Company (the "Plan") was approved at the Meeting. The Plan was conditionally approved by the TSX Venture Exchange on March 31, 2022.
About Drone Delivery Canada Corp.
Drone Delivery Canada Corp. is an ISO 9001 certified, award-winning drone technology company focused on the design, development, and implementation of its proprietary logistics software platform, using drones. The Company's platform is used as a Software as a Service (SaaS) model for government and corporate organizations globally.
Drone Delivery Canada Corp. is a publicly listed company trading on the TSX.V Exchange under the symbol FLT, on the U.S. OTC QX market under the symbol TAKOF and on the Frankfurt exchange in Germany under the symbol A2AMGZ or ABB.F.
Read more at: www.DroneDeliveryCanada.com or on DDC's social media:
For further information:
Investor Relations: Mr. Steve Magirias, Chief Executive Officer, and Mr. Bill Mitoulas, Telephone: (416) 479-9547, Email: email@example.com
Media Relations: Mr. Nelson Hudes, Hudes Communications International, Telephone: (905) 660-9155, Email: firstname.lastname@example.org
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Information
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as "expect," "may," "can," "believe," "forecast," "estimate," "goal," "target," "will," and other similar expressions, and variations or negatives of these words or phrases. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, market acceptance, and dependence upon regulatory approvals (both in Canada and internationally). Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. Except as may be required by applicable securities law, the parties undertake no obligation to update forward-looking information, whether as a result of new information, future events or otherwise.
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