Draganfly Investments In Talks To Acquire Zambia-Focused Firm

22nd Mar 2018 13:28

LONDON (Alliance News) - Draganfly Investments Ltd on Thursday said it was confident on making an acquisition before the AIM market deadline after its shares were suspended on Wednesday as it missed an initial deadline.

Cash shell Draganfly said it has signs non-binding heads of agreement with a company owning copper exploration and development assets in Zambia, and due diligence has now started.

The firm said it hopes to announce an exchange of contracts as well as a fundraising during the second quarter of 2018, when its shares would be re-admitted to trading.

Earlier this month Draganfly raised GBP137,160 through a placing of 50.8 million shares at a price of 0.27 pence per share.

In March last year, it said its investments were immaterial and it had 12 months to make an acquisition.