Drone Guarder, Inc. announced that it expects to receive $0.41 million in funding from Chicago Venture Partners, L.P.
October 16, 2017
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Drone Guarder, Inc. (OTCPK:DRNG) announced a private placement of a security purchase agreement for a private placement of a $445,000 convertible promissory note with new investor Chicago Venture Partners, L.P. for gross proceeds of $405,000 on October 17, 2017. The note carries a coupon of 10% per annum and would mature in nine months from the date of closing. The note is convertible into $0.001 par value common shares of the company a convertible price of exercise price of $0.25 per share. The note is unsecured. The note will be issued at an original issue discount of $40,000, for gross proceeds of $445,000. The company will also issue a warrant to purchase common shares equal to $222,500 divided by the market price for a period of 60 months from the date of closing. The company will pay $5,000 to Investor to cover legal fees, accounting costs, due diligence, monitoring and other transaction costs incurred in the transaction. The transaction is expected to complete in five tranches including a first tranche for $205,000, and four equal tranches of $50,000 each.
Drone Guarder, Inc. is an early-stage security and surveillance company. The Company is focused on commercializing a drone enhanced home security system as a turnkey solution. Its solutions are application-based and include a drone, infrared camera and Android mobile application component. It offers DroneGuarder application, which will take off from a wireless charging pad once an alarm has been triggered. The camera within the drone will record a video for a few seconds, process it and then send an alert if a threat is found, which the DroneGuarder application sends in the form of a text, image or short recorded video if supported by the Global System for Mobile Communications (GSM) network. The DroneGuarder can fly for up to 20 minutes, using Global Positioning System (GPS) to navigate in its preprogrammed areas and return back to its charging pad after completing surveillance. Its target markets include the United States, Canada, Europe, South Africa and the Asia-Pacific region.