EQS-News

VOLATUS AEROSPACE CORP. ANNOUNCES CLOSING OF OVERSUBSCRIBED FINANCING FOR GROSS PROCEEDS OF $4.2M AND PROVIDES CORPORATE UPDATE

EQS-News: Volatus Aerospace Corp. VOLATUS AEROSPACE CORP. ANNOUNCES CLOSING OF OVERSUBSCRIBED FINANCING FOR GROSS PROCEEDS OF $4.2M AND PROVIDES CORPORATE UPDATE 06.10.2022 / 15:06 CET/CEST The issuer is solely responsible for the content of this announcement. Volatus Aerospace Corp. (TSXV: VOL) (OTCQB: VLTTF) (“Volatus” or the “Company”) is pleased to announce that it has closed its previously announced marketed public offering (the “Offering”) of 11,171,812 units of the Company (the “Units”), inclusive of 60,612 Units forming part of the over-allotment option, at a price of $0.36 per Unit for gross proceeds of approximately $4,021,852. Each Unit is comprised of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire, subject to adjustment in certain circumstances, one Common Share at an exercise price of $0.50 for a period of 24 months from the date of issuance. The Company has applied to list the Warrants (the “Supplemental Listing”) for trading on the TSX Venture Exchange (the “TSXV”) and anticipates the Warrants to be trading on the TSXV under the symbol VOL.WT.A on or about October 13, 2022.

The Offering was led by Echelon Wealth Partners Inc., as lead agent and sole bookrunner, and a syndicate of agents, including Integral Wealth Securities Limited (collectively, the “Agents”). In connection with the Offering, the Company: (i) issued the Agents an aggregate of 879,475 compensation warrants, each of which is exercisable into one Common Share at an exercise price of $0.36 for a period of 24 months from the date of issuance; and (ii) paid the Agents an aggregate cash commission of $316,610.97.

The Offering was completed pursuant to the Company’s (final) short form prospectus dated September 16, 2022 (the “Prospectus”). A copy of the Prospectus can be obtained on SEDAR at www.sedar.com.

The Company is also pleased to announce that it has closed its previously contemplated concurrent brokered private placement of 569,222 Units on the same terms as the Offering (the “Concurrent Private Placement”) for aggregate gross proceeds of approximately $204,920. The Company will not be proceeding with its previously announced concurrent non-brokered private placement of Units of up to $500,000. All securities issued in connection with the Concurrent Private Placement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws. The Offering and the Concurrent Private Placement are subject to final approval of the TSXV.