Deveron Announces Closing of Overnight Marketed Public Offering

Friday, 25. February 2022 15:11

Toronto, Ontario--(Newsfile Corp. - February 25, 2022) - Deveron Corp. (TSXV: FARM) ("Deveron" or the "Company"), a leading agriculture digital services and insights provider in North America, is pleased to announce that it had closed its previously announced overnight marketed offering (the "Offering") including the exercise in full of the over-allotment option. In connection with the Offering, the Company issued an aggregate of 16,428,573 units in the capital of the Company (the "Units") at a price of $0.70 per Unit (the "Issue Price") for total gross proceeds of $11,500,000.

Raymond James Ltd. ("RJL") acted as sole agent and sole bookrunner in connection with the Offering.

Each Unit consists of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (a "Warrant"). Each full Warrant will be exercisable for one Common Share (each a "Warrant Share") at a price of $0.90 per Warrant Share at any time for a period of 24 months years following closing of the Offering.

The Offering was made pursuant to the Company's short form base shelf prospectus dated November 30, 2021 (the "Base Prospectus") and a prospectus supplement to the Base Prospectus dated February 22, 2022 (the "Prospectus Supplement") in each of the Provinces of Canada (except Quebec), and otherwise by private placement exemption in those jurisdictions where the Offering can lawfully be made, including the United States.

The Company intends to use the net proceeds of the Offering to support continued organic growth and product development, and to pursue future acquisition opportunities.

The Company has received approval from the TSX Venture Exchange to list the Warrants under the symbol "FARM.WT". The Warrants are expected to commence trading on the TSXV on or about March 3, 2022.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.

About Deveron: Deveron is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs and improve farm outcomes. The company employs a digital process that leverages data collected on farms across North America to drive unbiased interpretation of production decisions, ultimately recommending how to optimize input use. Our team of agronomists and data scientists build products that recommend ways to better manage fertilizer, seed, fungicide, and other farm inputs. Additionally, we have a national network of data technicians that are deployed to collect various types of farm data, from soil to drone. Our geographic focus is the US and Canada where 1 billion acres are actively farmed annually.

For more information, please visit www.deveronuas.com.

David MacMillan
President & CEO Deveron Corp.
416-367-4571 ext. 221
dmacmillan@deveronuas.com

"Neither 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."

This news release includes certain "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding 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 worldwide price of agricultural commodities, general market conditions, risks inherent in agriculture, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/114850

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