DroneShield: Raises $40.3m following “outstanding” shareholder support for SPP

DroneShield Raises $40.3m following “outstanding” shareholder support for SPP

• DroneShield (DRO) smashes its $3 million share purchase plan (SPP) target, receiving applications totalling $29.4 million
• The company says given this strong shareholder support, it has decided to not scale-back applications — meaning it will pocket the full amount subscribed for
• The SPP follows a $10.9 million placement that DRO wrapped up in February, bringing the total raised by the company to $40.3 million
• The company plans to use the funds to accelerate growth by scaling-up inventory for near-term sales and growing its key team
• The company is down 10.67 per cent, trading at 33.5 cents at 12:48 pm AEDT