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DroneShield Limited (ASX:DRO) provides drone detection technology. The Company offers analysis, identification, and alerts solutions. DroneShield serves the detention, airport, government, commercial, and infrastructure sectors.
The company has stated through a release on the exchange that its distributor M.G. Suber and Associates LLC has ordered a unit of its DroneGun TacticalTM product, for use by a national security agency of a major South American country allied with the United States, to be deployed by the agency for drone threat mitigation.Â
This is the first order for DroneGun TacticalTM in South America. DroneShield is making inroads in the regions - last year, DroneShieldâs DroneGun MKII (a prior version of DroneGun) was purchased by a Paraguay Government agency, and recently, DroneShieldâs DroneSentryTM product was purchased for use by a Central American Government Agency.
The firm's capability to accomplish the order depends upon the speedy approval by a U.S. regulator which oversees the defence exports. The Company anticipates receiving such regulatory approvals, by utilising the U.S. defence product sale approval procedure. There are no guarantees as such that the approval for this particular order will be granted to the company. Oleg Vornik, DroneShieldâs CEO had commented that the company has developed a robust order pipeline in South America and expect this order will be one of a number to follow in the near term.
The company also announced that it has received commitments from institutional, professional and sophisticated investors to raise $1,299,696 via a placement of 11,301,700 ordinaries fully paid shares at an issue price of $0.115 per security (Placement). The fresh shares shall be issued utilising the Companyâs existing placement capacity according to the various Listing Rules. The issue price under the Placement is at a 21% discount to the Companyâs last traded price, and a 22% discount to the Companyâs 15-day volume weighted average market price before the date of this announcement.
The Net proceeds from the Placement will be used to fund the further development and integration of detection and countermeasure technologies, consistently with end-user requirements; to increase the stock levels (detection and countermeasure products); the expansion of the Companyâs sales and marketing effort globally; and for general working capital purposes.
Now, let us have a quick look at DroneShield Limitedâs stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $0.140, trading down by 3.448% during the dayâs trade with a market capitalisation of ~$ 26.4 Mn. The counter opened the day at $ 0.130, reached the dayâs high of $ 0.140 and touched the dayâs low of $ 0.130 with a daily volume of 759,125. The stock has provided a YTD return of -14.71% & also posted returns of -6.45%, 3.57% over the past six months, three months period respectively. It had a 52-week high price of $ 0.290 and touched 52 weeks low of $ 0.100, with an average volume of 277,160 approximately.
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