PR Newswire
08 Mar 2023, 05 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: media@droneshield.com
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 InformationPARIS, France: Amidst the mass deaths of dolphins and porpoises in recent years, France's highest administrative body has ordered the ...
MANILA, Philippines: An underwater robot from Japan has located a leaking fuel tanker, MT Princess Empress, which sank off the ...
NEW YORK, New York - A hike in official U.S. interest rates of 0.25 percent, and a jump in inflation ...
SEATTLE, Washington: In a memo to staff sent this week, Amazon CEO Andy Jassy said the company plans to cut ...
DETROIT, Michigan: Due to leaking brake hoses and windshield wiper arms that can break off, Ford is recalling more than ...
NEW YORK, New York - Wall Street continued its advance on Tuesday as investors continued to weigh up the health ...
BRUSSELS, Belgium: While chairing a meeting of EU foreign and defense ministers in Brussels this week, European Union (EU) foreign ...
BANGUI, Central African Republic: Authorities from the Central African Republic have said that nine Chinese nationals were killed and two ...
MENINDEE, Australia: After recent floods and hot weather, millions of dead fish have washed up in southeastern Australia, which authorities ...
BOISE, Idaho: Under a bill passed by the Idaho Legislature thios with a veto-proof majority, the state will allow firing ...
SACRAMENTO, California: The state of California and generic drug manufacturer Civica have announced a 10-year partnership to produce affordable, state-branded ...
CHEYENNE, Wyoming: A Wyoming bill outlawing the use or prescription of medication abortion pills, which was passed by the state's ...