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Raised £1.28 million to Support Roll Out of Integrated Global UAV Operations
Strat Aero plc, an international aerospace company focused on the rapidly emerging Unmanned Aerial Vehicle sector, has announced that it has raised £1.28 million (before expenses) through the placing of 25,690,969 new ordinary shares of 1p each at a placing price of 5p per ordinary share with both new and existing shareholders. In addition, 25,690,969 warrants at a price of 8p per share with a term of 1 year are to be issued to subscribers of the Placing, subject to shareholder approval. Beaufort Securities Limited acted as broker to the Placing and Cornhill Capital Limited has been appointed as Joint Broker to the Company with immediate effect.
The funds raised will be used to support the Company’s active growth strategy as it continues to build a vertically integrated UAV offering covering all aspects of the value chain including software, hardware and services. This growth strategy has been underpinned through the completion of two highly strategic corporate transactions, namely: the acquisition of Geocurve Holdings Limited, which specialises in the provision of UAV operated topographical surveys and inspection services with an established blue chip customer base, and; a joint venture agreement with UAV Airways Limited, which specialises in the provision of UAV training, in order to establish Remotely Piloted Aircraft & Systems training centres and deliver RPAS training courses in territories overseas.
Tony Dunleavy, CEO of Strat Aero, said: “Having recently announced a new much broader strategy to become a full global solutions provider in the rapidly emerging high growth UAV sector, we are highly encouraged by the backing we have received from both new and existing investors. With a strengthened management team and two highly strategic transactions secured, which significantly enhance the Company’s UAV service offering, the funds raised will allow the Company to build on the momentum behind the business as we pursue additional transaction opportunities, a number of which are well advanced. The funds will be used both to finance the new and existing transactions as well as to initiate more aggressive growth strategies across the enlarged Strat Aero group. We expect to provide further updates within a short timeframe both on progress in the existing business and also on new transactions, as we build a one stop UAV technology offering, covering all of a client’s needs including hardware, software solutions, and service.”
