DroneShield, an Australian firm specialising in counter-unmanned aerial vehicle (UAV) technologies, has outlined plans to raise funds for expansion through the sale of shares.
The company said on 11 August that it aims to raise a total of AUD9 million (USD6.5 million) through two methods: a share placement and a share purchase plan. The placement will be held on 13 August, and the share purchase plan in September.
DroneShield - based in Sydney - has developed a range of counter-UAV products including this DroneGun MKIII: a lightweight jammer, which was launched in July 2019. (DroneShield)
DroneShield aims to generate AUD7.5 million through the placement of 60 million shares and AUD1.5 million through the share purchase plan. The latter entitles shareholders to acquire shares up to the value of AUD30,000.
Under both sale methods, shares are being sold at AUD0.125. On 11 August DroneShieldā€™s share were trading on the Australian Securities Exchange (ASX) at AUD0.14.
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