US-based, ASX-listed counter drone technology company Department 13 (ASX:D13) has booked A$7m through a convertible note placement, adding a number of high-quality sophisticated investors to its register.
The placement issued 70 million convertible notes at an issue price of $0.10 cents each, with Acorn Capital Limited acting as a cornerstone investor.
Department 13 is eying a growing pipeline of sales opportunities for its counter drone technology. Its Mesmer® Counter Drone System manipulates digital radio protocols to stop, redirect or take control of hostile drones.
Funds from the capital raising will be used to invest in demonstration units, scale-up marketing and sales efforts and contribute to working capital.
“I am excited to welcome Acorn Capital and a number of high quality investors to the D13 register,” Department 13 chief executive officer, Jonathan Hunter said.
We look forward to utilising this funding to continue to drive the growth of the Company and deliver the benefits of this growth to our shareholders,” he added.
The convertible note is the first tranche of a planned two-part raising, with the company preparing to lodge further documentation for approval of another 4.5 million notes, under the same terms.
Shares in Department 13 traded between 8 and 9.3 cents today, closing at 8.8 cents per share.