DroneShield, an Australian company specialising in counter-unmanned aerial vehicle (UAV) technologies, has completed a placement of shares worth AUD9.55 million (USD6.4 million) to support future expansion activities.
The company said on 8 August that the placement on the Australian Securities Exchange (ASX) featured the sale of 19.37 million new shares at a base price of AUD0.20 each. The shares were acquired by “institutional, professional, and sophisticated investors”, it said.
In a press release DroneShield’s chairman, Peter James, said the funding generated by the share placement was “in excess of the funds the company sought to raise”.
He added, “As the company is now well positioned on the cusp of transformational growth, the new capital will be deployed to ensure we can secure and deliver on new contract wins.”