Strat Aero PLC, an international aerospace company focused on the rapidly emerging unmanned aerial vehicle (UAV) sector, says it has raised 1.28 million British pounds ($1.9 million) to support its roll-out of integrated global UAV operations.
Strat Aero is based in Houston and has offices in Seattle, Denver, New York, London and Singapore. 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 recent acquisition of Geocurve Holdings Ltd., which specializes in the provision of UAV-operated topographical surveys and inspection services, and a joint venture agreement with UAV Airways Ltd., which specializes in UAV training.
Strat Aero placed 25,690,969 new ordinary shares of 1 pound each (ordinary shares) at a placing price of 5 pounds per ordinary share (placing shares) with both new and existing shareholders.
In addition, 25,690,969 warrants at a price of 8 pounds per share with a term of one year are to be issued to subscribers of the placing (subject to shareholder approval). Beaufort Securities Ltd. acted as broker to the placing, and Cornhill Capital Ltd. has been appointed as joint broker to the company.
“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,” comments Tony Dunleavy, CEO of Strat Aero.
“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,” he says.