Sask. drone company says no 'special rights' attached to $10M US investment linked to Trump Jr.
Draganfly drones are used around the world for search and rescue missions, crop science and military operations. (Submitted by Draganfly Inc.)Social SharingSaskatoon drone maker Draganfly Inc. says there are no "special rights" attached to a $10-million US investment from an unnamed U.S. investment fund and Unusual Machines Inc., a company linked to Donald Trump Jr.
Draganfly is headquartered in Saskatoon and was founded in 1997. Unusual Machines and the unnamed fund are each investing $5 million US.
Unusual Machines, a supplier of drone components, named the U.S. president's son to its advisory board in November 2024.
"No board seats or special rights are attached to these investments," a Draganfly spokesperson said in a statement emailed to CBC News.
"In response to rising demand for Draganfly's proprietary products and technology in Canada and other allied countries, we have recently attracted investment to facilitate new hires and expand manufacturing capability."
The investment took the form of a purchase of 1,869,159 common shares of the company at a price of $5.35 US, according to a news release by Draganfly. As of market close on Tuesday, the stock was trading at $6.20 US on the NASDAQ, a one-day increase of $0.60 US.
The stock also trades on the Canadian Securities Exchange. As of closing Tuesday, it was trading at $8.81, a one-day increase of $0.92.
Sask. drone maker Draganfly has high hopes for Ottawa’s defence spending spree
The company said it plans to use the investment money to accelerate development and fund general working capital.
Draganfly manufactures drones in Saskatoon and Vancouver, and is planning expansions in Edmonton and Ottawa. It also operates in Tampa, Fla.
The drones are used around the world in search and rescue operations, agriculture and by the U.S. military. In 2025, Draganfly won a contract to provide the U.S. Army with drones.
Earlier this month, Draganfly secured a five-year contract with Ottawa to supply the Canadian Armed Forces with up to 5,000 drones. The deal includes a firm commitment to buy 100 drones, with the option to purchase another 4,900.
The federal government approved Draganfly as a qualified supplier under Ottawa's Defence Drone Initiative.
In 2015, Draganfly was acquired by TRACE Live Networks, California-based tech firm.
Draganfly has a market capitalization of about $285 million, according to the company's statement.
The company is often cited as the maker of the first civilian drone to be credited with saving a life. A Draganfly drone was added to the collection of the Smithsonian Air and Space Museum.
Jeremy Warren is a reporter in Saskatoon. You can reach him at jeremy.warren@cbc.ca.
