EQS-News

VOLATUS AEROSPACE CORP. ANNOUNCES CLOSING OF OVERSUBSCRIBED FINANCING FOR GROSS PROCEEDS OF $4.2M AND PROVIDES CORPORATE UPDATE - Seite 2

The Company will use the net proceeds of the Offering and Concurrent Private Placement for inventory, factory operations, warehouse improvements, equipment for services and training, technology development, acquisitions, working capital and general corporate purposes, as more particularly set out in the Prospectus.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act.

Certain insiders of the Company purchased an aggregate of 555,600 Units under the Offering. This constitutes a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 (“Policy 5.9”) and Multilateral Instrument 61-101 (“MI 61-101”). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 (and Policy 5.9) contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of such insider participation. The Company did not file a material change report more than 21 days before the expected closing of the Offering, as the details and amounts of the insider participation were not finalized until closer to the closing and the Company wished to close the Offering as soon as practicable for sound business reasons.

Corporate Update

Volatus announces the granting of 200,000 stock options to its new board member, Lt. General (ret'd) the Honourable Andrew Leslie. Each stock option entitles the holder to purchase one common share of the Company for an exercise price of $0.36 at any time until October 5, 2027. Fifty percent (50%) of the stock options shall vest on the first anniversary of the date of grant with the remaining fifty percent (50%) on the second anniversary of the date of grant.