In accordance with the authority granted to the Board of Directors by the Extraordinary General Shareholders’ meeting of Delta Drone (the “Company”) dated 24 April 2020 pursuant to its sixth resolution, the Board of Directors:
- approved the principle of issuing 1 000 tranche warrants (the “Tranche Warrants”), giving access to 1 000 bonds redeemable in cash and/or new shares (the “ORNAN”) with share subscription warrants attached (the “Warrants”) upon exercise, to the investment fund YA II PN, LTD (the “Investor”), a fund managed by the US management company Yorkville Advisors, representing a financing of up to €10M of aggregate nominal value; and
- empowered the Chairman and CEO to decide to launch this transaction, to approve its final terms and conditions, to issue the Tranche Warrants and to drawdown the tranches of ORNAN with Warrants attached.
Pursuant to the sub-delegation of authority granted to him by the Board of Directors on 28 April 2020, the CEO decided today to drawdown one tranche of ORNAN with Warrants attached.
The main characteristics of the Tranche Warrants, ORNAN and Warrants (the terms and conditions of which are available in detail on the Company’s website (www.deltadrone.com) under the « Investors » tab) have been presented in a press release dated 7 April 2020.
In accordance with the financing agreement entered into on 7 April 2020 with the Investor, one tranche of ORNAN with Warrants attached of €2M of nominal value has been drawdown today, corresponding to the issuance of 200 ORNAN with 60 000 000 Warrants attached.