Gold has traded between $1,278 and $1,289 so far today…as of 11:00 am Pacific, the yellow metal is up $3 an ounce at $1,285…Silver is off 13 cents at $17.87…Copper is flat at $2.54…Nickel has eased off 5 cents to $4.23…Crude Oil is under pressure, down $1.29 a barrel to $49.42, while the U.S. Dollar Index is relatively unchanged at 99.83…
Gold’s 20-day average is close to crossing above the 200-day SMA at $1,267, a potentially bullish scenario for next week…much will depend on the outcome of Sunday’s first round of French presidential elections – Gold will likely respond well if National Front leader Marine Le Pen performs even better than expected…ongoing tensions involving North Korea, and the overall geopolitical environment, are limiting any pullbacks in the metal as we’ve seen this week…
U.S. home re-sales rose more than expected in March to the highest level since February 2007, the National Association of Realtors announced today…
Just in – President Trump says he will reveal a “massive tax cut” next week before his 100 day mark in office…welcome news and music to the market’s ears…
Congress will certainly need to get its act together next week, as it returns from an Easter break, in order to pass legislation funding the government for the rest of the fiscal year…failure could lead to a partial government shutdown on April 29, the 100th day of Trump’s Presidency…the White House has thrust a new set of proposals into talks while also seeking to revive a health-care overhaul that had collapsed last month…
Oil Update
Crude Oil prices are ending the week on a down note, falling back below $50 a barrel today…prices moved little late this morning after Oil field service firm Baker Hughes reported its weekly count of Oil rigs operating in the U.S. ticked up by 5 to 688…at this time last year, U.S. drillers had 343 Oil rigs up and running…
Saudi Arabia and Kuwait favor extending their production-limiting deal with non-member producers into the 2nd half of the year…an OPEC and non-OPEC technical committee recommended that producers extend a global deal to cut Oil supplies for another 6 months from June, according to news reports today, in an effort to clear a glut of Crude that has weighed on prices…however, Russia’s Energy Minister Alexander Novak was non-committal about whether his country would adhere to an extension at the May 25 joint-meeting…with the Russians, you just never know…
Copper Update
Copper prices rebounded yesterday and are steady today after touching levels mid-week that haven’t been seen since early January…what helped Copper yesterday was a dismal production report from major miner Rio Tinto (RIO, NYSE) which said Q1 mined production fell 37%…the company reduced full-year guidance, attributing lower output to the Escondida mine strike that halted operations and sent Copper prices higher this year…Copper bulls are hoping that better-than-expected Japanese export and import data combined with strong recent Chinese trade data suggest a pickup in global growth in the months ahead…
In Today’s Morning Musings….
1. The key factor behind a doubling of PYR since mid-March…
2. Record volume day for Otis Gold (OOO, TSX-V)…
3. Two big and growing deposits – one in the Northwest Territories, the other in northwest Quebec…
4. Daniel’s Den – Friday Footnotes, and this Bud’s for you!…
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TORONTO, ON / ACCESSWIRE / April 21, 2017 / Deveron UAS Corp. (CSE: DVR) (“Deveron” or the “Company”), is pleased to announce that it has completed the first tranche (the “First Tranche”) of its previously announced brokered private placement (the “Offering”) led by First Republic Capital Corporation (the “Agent”). Garfinkle Biderman LLP acted as legal advisor to the Agent. Further, the Agent has elected to exercise the over-allotment option to sell up to an additional 5,000,000 Units (as defined below) of the Company for aggregate proceeds of $1,750,000 (the “Over-Allotment Option”). Part of the Over-Allotment Option was closed in the First Tranche and it is expected that the Company will close a second tranche of up to 2,571,428 Units for gross proceed of up to $900,000 on or before May 19, 2017.
Pursuant to the terms of an agency agreement (the “Agency Agreement”) between the Company and the Agent dated April 21, 2017 the Company completed the First Tranche of 3,739,288 units (each, a “Unit”) at a price of $0.35 per Unit, for aggregate gross proceeds of $1,308,750.80. Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share of the Company (a “Warrant Share”) at a price of C$0.50 per Warrant Share for a period of 18 months after the closing of this First Tranche.
As consideration for the services provided by the Agent and other agents in connection with the closing of the First Tranche, the Agent and certain other agents received a cash commission equal to in the aggregate $117,787.57 and an aggregate of 336,535 compensation warrants (the “Compensation Warrants”), each Compensation Warrant exercisable at any time until eighteen (18) months from the date of closing of the First Tranche into one Common Share at an exercise price of $0.35. The securities issued in connection with the First Tranche are subject to a hold period until four months and a day from the date of closing of the First Tranche.
Net proceeds will be used by the Company to further the business of the Company and for general working capital purposes.
About Deveron UAS:
Deveron is an enterprise drone data services company focused on agriculture, offering the opportunity to increase yields and reduce costs using sophisticated Unmanned Aerial Systems (“UAS” or “drones”), sensors, software and analytics. Deveron’s drone data service network allows enterprise level customers to obtain on-demand, actionable data without exposure to technology and capital risks. The Company is focused on building a standardized constellation of drones and sensors to provide data in North America.
For more information and to join our community, please visit http://www.deveronuas.com or contact:
David MacMillan
President & CEO
Deveron UAS Corp.
416-367-4571 ext. 226
[email protected]
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 world wide 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 http://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.
SOURCE: Deveron UAS Corp.
Comment by Charles — April 21, 2017 @ 7:47 pm
Seems like a consolidation week. Very low volumes on the Cobalt plays but things could start heating up in May/June as the exploration begins. Newsflow should start to pick up as well in alot of areas.
Comment by STEVEN1 — April 22, 2017 @ 9:21 am
Charles, this makes DVR armed and dangerous – $2 million in the treasury gives them huge leverage to build out the business, and that’s going to impact the stock in a big way over the next several months.
Comment by Jon - BMR — April 22, 2017 @ 4:17 pm
Jon, yeah I agree with you. Considering the number of flights they made last year, it seems like they have a very decent market to grow into, and now, as you mentioned they have a nice pile of cash. I also like that Deveron is a full service company but they are specialists (agriculture); it seems like most other drone startups seem to try and be catch alls and I don’t think that’s as good of a business model.
I have been building a position in DVR for a bit now, but sure wish I had a lot more cash to put down.
Comment by Charles — April 22, 2017 @ 6:17 pm