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Draganfly raises £0.14m but warns of likely suspension
Draganfly Investments announced on Monday that it has successfully raised £0.14m before expenses, by way of a placing of 50.8 million new ordinary shares at a price of 0.27p each.
The AIM-traded firm said application for admission to trading on AIM was being made, and it was expected that admission of the placing shares would occur on 15 March.
As it stated in its interim results announcement on 13 December, Draganfly's board had been "actively assessing" a number of possible mineral investment opportunities, explaining that it remained confident that it would complete a transaction to satisfy the AIM requirements set out in its announcement on 21 March last year.
"It is, however, now unlikely that the company will have done so by the deadline of 21 March 2018, in which case the shares would be suspended until the publication of an admission document setting out the details of such a transaction," the board said in its statement.
"The net proceeds of the placing will be applied for general purposes and towards the costs of any such transaction."