Raises $1.25m Through SPP and Share Placement
Sydney, June 28, 2017 AEST (ABN Newswire) - DroneShield Limited (
ASX:DRO) (DRSHF:OTCMKTS) ("DRO" or the "Company") is pleased to advise it has raised approximately $1.25m through an underwritten Share Purchase Plan (the "SPP") and top-up Share Placement. The SPP was underwritten for $1,000,000 by Patersons Securities ("Patersons"), with the option for Patersons to facilitate a top-up placement.
- Strongly supported Share Purchase Plan (SPP) raises $1,052,000.
- Additional private placement on same terms as the SPP raises a further $225,000.
- Combined capital raising of approximately $1,250,000 in net proceeds to the Company.
The Company received applications from existing shareholders under the SPP for $1,052,000 resulting in the allotment of 4,438,925 shares at a deemed price of $0.237 per share. In accordance with the Listing Rules, the share price was calculated at a 20% discount of the 5-day Volume Weighted Average Price ("VWAP") of shares traded on the ASX prior to the date of issue.
In addition, Patersons have completed a top-up placement of $225,000 on the same terms as the SPP shares.
Peter James, DroneShield's chairman, commented: "The raised funds will contribute to the Company's development of its multi-method detection and integrated detect-and-defeat capability, to address subnstantial user demand for those products. DroneShield is well on the way to deliver this strategy with the recent launches of the DroneHeat, DroneOpt and RadarOne products, and an expected commencement of pre-sales of the multi-sensor and detect-and-defeat product lines to our global network of distributors who expressed significant interest in these products, in the near term."
About DroneShield Ltd
DroneShield Ltd (ASX:DRO) (OTCMKTS:DRSHF) is an Australian publicly listed company with its head office in Sydney and teams in the US and UK. We specialise in RF sensing, Artificial Intelligence and Machine Learning, Sensor Fusion, Electronic Warfare, Rapid Prototyping and MIL-SPEC manufacturing.
Our capabilities are used to protect Military, Government, Law Enforcement, Critical Infrastructure, Commercial and VIPs throughout the world.
Through our team of primarily Australian based engineers - we offer customers bespoke solutions and off-the-shelf products designed to suit a variety of terrestrial, maritime or airborne platforms.
DroneShield is proudly exporting Australian capability to customers throughout the world and supporting Australia's defence, national security and other organisations protect people, critical infrastructure and vital assets.
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