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DroneShield Completes $40 million Capital Raise with Substantial Investor Support - Vimarsana News

DroneShield Completes $40 million Capital Raise with Substantial Investor Support

Published: March 8, 2023

SYDNEY, March 8, 2023 /PRNewswire/ -- DroneShield Ltd(ASX:DRO) (DroneShield or the Company) is pleased to announce the successful completion of its Share Purchase Plan (SPP), which follows the $10.9 million Placement, completed on 6 February. The SPP generated significant support from DroneShield's existing shareholders and substantially exceeded the $3 million the Company targeted via the SPP. DroneShield received SPP applications of $29.4 million at an issue price of $0.30 per Share. Given the strong support shown by shareholders, the Board exercised its discretion under terms of the SPP...

Source: singaporestar.com
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New South WalesOleg VornikPrnewswire Droneshield LtdShield LtdShare Purchase PlanArtificial IntelligenceMarch 8023 Prnewswire Droneshield Ltd Asx Dro Or The Company Is Pleased To Announce Successful Completion Of Its Share Purchase Plan Spp Hich Follows The 10 9 Million PlacementOmpleted On 6 February The Spp Generated Significant Support From Droneshield 39s Existing Shareholders And Substantially Exceeded 3 Million Company Targeted Via Received Applications Of 29 4 At An Issue Price 0 30 Per Share Given Strong Shown ByHe Board Exercised Its Discretion Under Terms Of The Spp And Has Determined Not To Scale Back ApplicationsN Recognition Of The Long Term Support Its Investors And To Maximise Growth Opportunities Funds Will Be Used Accelerate Droneshield 39s Througha Faster Scale Up Inventory For Near SalesRowth Of Key Parts The TeamNd General Working Capital Droneshield 39s Total Funds Raised Under The Placement And Spp Are 40 3 Million Before Costs Following CompletionHe Company Hasa Robust Balance Sheet To Accelerate Growth With Cash Of Approximately 50 Million And No Debt Oleg VornikRoneshield 39s CeoOmmented Quot We Are Pleased To Have Received Outstanding Shareholder Support For Both The Placement And Spp Funds Will Allow Us Take Advantage Of Highly Favourable Environment Defence Specifically Customer Demand Counterdrone Solutions As Witnessed By Ukraine ConflictS We Target 2023 To Bea Transformative Year For Droneshield Quot The Spp Proceeds In Particular Have Been SignificantNd The Board Is Appreciative Of Support From Our Shareholders Higher Proceeds Will Enable Droneshield To Turbo Charge Its GrowthOre Rapidly Fulfil Anticipated Near Term ContractsCcelerate Its Technology DevelopmentNd Enhance Its Customer Engagement The Company Is Well Funded To Execute Growth Objectives Quot Following This Raise And Recent Record Contract WinsHe Company Continues To Scale Its Teams In Sydney And WarrentonIth Available EngineeringPerations And Other Vacancies Atwww Droneshield Com Open Positions Media Enquiries About Provides Artificial Intelligence Based Platforms For Protection Against Advanced Threats Such As Drones Autonomous Systems It Offers Customers Bespoke Counterdrone Or Counter Uas Electronic Warfare Solutions Off The Shelf Products Designed To Suita Variety Of Terrestrial