Strat Aero has raised £660,000, before expenses, through the issue of 7,333,334 new ordinary shares at 9p per share. Strat Aero says this funding marks a significant step for the company as it continues to realise its strategy of capitalising on commercial opportunities across the rapidly growing unmanned aerial vehicle (UAV) sector.
Proceeds will be used to progress the company’s three primary divisions: unmanned aerial systems (‘UAS’) pilot training and services; aviation management and consultancy services and aviation software, products and services.
Chief executive Capt. Russell Peck said: “Since listing Strat Aero in November 2014, the Board has been busy identifying numerous revenue generative and value accretive opportunities across the aerospace and aviation industry and we have made solid progress in advancing these discussions over the past four months.
“The funds raised today will provide the Company with the ability to secure and develop these contracts and relationships as we look to establish a portfolio of scalable commercial interests to provide maximum returns for shareholders across the dynamic and rapidly growing aviation and aerospace sector.
“We have made a great start but we have merely scratched the surface in terms of the enormous emerging commercial and military UAV market. We have formal relationships with high end participants across the value chain, including major customers such as the US Government, equipment suppliers including a leading US defence contractor, and research hubs such as the National Renewable Energy Laboratory, a division of the US Department of Energy.
“Combined with our unique UAS training Facility in Roswell, New Mexico, where training is due to commence in the coming months, and our proven expertise in navigating the evolving regulatory landscape, Strat Aero has an established platform in place from which we can roll out our full UAS service offering and capitalise on the multiple opportunities we are seeing. “We look forward to providing further updates to the market as we progress the numerous opportunities available to us”.
Source: Press Release