Global UAV closes $4.4M private placement amid trading halt

Global UAV Technologies Ltd. (CSE: UAV.X) (OTC Pink: YRLLF) (FSE: YAB) has closed a non-brokered private placement, issuing 11,112,500 common shares at $0.40 per share for gross proceeds of $4,445,000, according to a statement from the Vancouver-based company.

In connection with the offering, the company paid $38,240 in cash finders' fees and issued 95,600 broker warrants to eligible finders. Each broker warrant is exercisable into one common share at $0.40 per share until October 15, 2028.

The company said it intends to use the net proceeds for intellectual property development and assessment, marketing, investor relations, and general and administrative expenses.

The closing remains subject to regulatory approvals, including from the Canadian Securities Exchange. All securities issued are subject to a hold period expiring four months and one day after the closing date. Trading in the company's securities remains halted on the CSE pending completion of a review process related to a proposed transaction.

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