Dragontail Systems Secured Term Sheet for Preferred Funding

  • Jan 22, 2020 AEDT
  • Team Kalkine

Dragontail Systems Limited (ASX:DTS) has entered into a non-binding term sheet to raise $20 million via convertible preference shares. Preference shares have an issue price of $0.1406, representing a 26 per cent premium to 30-day VWAP as on 20 January 2020.

Investors include Eldridge Industries, Goudy Park Capital LP, and Alceon Liquid Strategies Pty Ltd. ac

DTS intends to expand operations globally, invest in R&D, and full repayment of corporate loan ($4.3 million).

At around 1:176 PM AEDT, DTS’s stock was trading at $0.160, up by 18.5% on last close.

 

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