Drone Delivery Canada Corp. (Drone Delivery Canada or the Company) and Volatus Aerospace Corp. (Volatus) have announced the successful completion of their merger of equals (the Merger) announced on May 21, 2024, pursuant to which Drone Delivery Canada acquired all of the issued and outstanding common shares of Volatus (the Volatus Shares) by way of a plan of arrangement under the Business Corporations Act (Ontario) (the Arrangement).

The Arrangement results in Volatus becoming a wholly-owned subsidiary of the Company.

The completion of the Merger marks a new era for the companies, combining the power of Volatus’ commercialization expertise with Drone Delivery Canada’s proven remote operations and logistics technology.

The Merger obtained requisite approval by the shareholders of both companies, with Drone Delivery Canada holding its meeting on Aug. 26 and Volatus on Aug. 23. The Arrangement was approved by the Ontario Superior Court of Justice (Commercial List) on Aug. 27.

In connection with the Merger, the Company will change its name to Volatus Aerospace Inc., leveraging the strength of the Volatus brand while maintaining Drone Delivery Canada’s brand for cargo operations.

The shares of the Company are expected to start trading on TSX Venture Exchange (the TSXV) under the new name Volatus Aerospace Inc. on or about Sept. 5, 2024.

Under the terms of the Arrangement, each former Volatus shareholder is now entitled to receive 1.785 (the Exchange Ratio) common voting shares of the Company for each Volatus Share held immediately prior to the effective time of the Arrangement (the Consideration).

The Merger was structured as a 50/50 merger of equals with shareholders of both companies owning approximately 50 percent of the Company upon completion of the Arrangement.