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DroneShield Limited (ASX:DRO)

ALERT: Price-sensitive ASX Announcement for DRO
Current share price for DRO : $2.140 0.75 (53.96%)+
Announcement
Release
1 Aug 2024 8:55AM
Price at Release
$1.390
Full Release
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Summary
DroneShield Limited has successfully completed a $120 million fully underwritten share placement, receiving strong support from existing and new institutional and sophisticated investors. The funds will primarily be used to fuel research and development in Artificial Intelligence for new counter-drone products and enhance existing ones, in response to user demands. This strategic funding will also support potential technology acquisitions, aiming to maintain DroneShield’s leading market position and accelerate growth into new markets and products. The placement involves issuing 104.3 million new shares and is expected to significantly enhance DroneShield's cash balance, supporting their robust sales pipeline and further bolstering their AI software and hardware capabilities to drive future growth.
Key Points
  • Completion of $120 million fully underwritten placement
  • Strong support from existing and new investors
  • Funds to be used for AI R&D and product development
  • Potential strategic technology acquisitions planned
  • Pro forma cash balance of approximately $120 million
  • Sales pipeline with $1.1 billion projects and $28 million in orders
  • Record first half 2024 revenues of $24.1 million
  • Highest ever cash receipts in the first half of 2024
  • Placement shares issued at A$1.15 per share
  • Total of 104.3 million new shares to be issued
  • Expected settlement and allotment dates in early August 2024
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.