PR Newswire
08 Mar 2023, 00:30 GMT+10
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 and has determined not to scale back applications, in recognition of the long-term support of its investors and to maximise growth opportunities.
The funds will be used to accelerate DroneShield's growth through a faster scale-up of inventory for near-term sales, growth of key parts of the team, and general working capital.
DroneShield's total funds raised under the Placement and SPP are $40.3 million (before costs). Following completion, the Company has a robust balance sheet to accelerate growth with cash of approximately $50 million and no debt.
Oleg Vornik, DroneShield's CEO, commented:
"We are pleased to have received outstanding shareholder support for both the Placement and SPP. The funds will allow us to take advantage of the highly favourable environment for defence and specifically customer demand for counterdrone solutions as witnessed by the Ukraine conflict, as we target 2023 to be a transformative year for DroneShield."
"The SPP proceeds in particular have been significant, and the Board is appreciative of the support from our shareholders. The higher proceeds will enable DroneShield to turbo-charge its growth, more rapidly fulfil anticipated near-term contracts, accelerate its technology development, and enhance its customer engagement. The Company is well-funded to execute its growth objectives."
Following this raise and recent record contract wins, the Company continues to scale its teams in Sydney and Warrenton, with available engineering, operations and other vacancies at www.droneshield.com/open-positions
Media enquiries: [email protected]
About DroneShield:
DroneShield provides Artificial Intelligence based platforms for protection against advanced threats such as drones and autonomous systems. It offers customers bespoke counterdrone (or counter-UAS) and electronic warfare solutions and off-the-shelf products designed to suit a variety of terrestrial, maritime or airborne platforms. Its customers include military, intelligence community, Government, law enforcement, critical infrastructure, and airports globally. More information at www.droneshield.com
Get a daily dose of Sydney Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sydney Sun.
More InformationHONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
NEW YORK, New York - Monday's trading session saw mixed performances across U.S. and global markets, with several major indices posting...
WASHINGTON, D.C.: The U.S. government has granted GE Aerospace permission to resume jet engine shipments to China's COMAC, a person...
DUBAI, U.A.E.: Saudi Aramco is exploring asset sales as part of a broader push to unlock capital, with gas-fired power plants among...
MILAN, Italy: Italian regulators have flagged four non-EU countries—including Russia—as carrying systemic financial risk for domestic...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
PARIS, France: A strike by French air traffic controllers demanding improved working conditions caused significant disruptions during...
OMAHA, Nebraska: With Congress considering cuts totaling around US$1 trillion to Medicaid over the next decade, concerns are rising...
ROME, Italy: Quick thinking by emergency responders helped prevent greater devastation after a gas station explosion in southeastern...
WASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...