Department 13 taps investors for $5m

04/05/2017 - 13:47

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Anti-drone software specialist Department 13 International has tapped investors for $5.5 million to meet customer demand for its Mesmer technology.

Department 13 taps investors for $5m
Department 13 chief executive Jonathan Hunter (right) with non-executive director Gavin Rezos. Photo: Attila Csaszar

Anti-drone software specialist Department 13 International has tapped investors for $5.5 million to meet customer demand for its Mesmer technology.

ASX-listed Department 13, which includes local investor Gavin Rezos on its board, raised the funds through the placement of 44.3 million shares at 12.5 cents each, with US and Asia-based investors subscribing for the majority of the offering.

“This capital raising will allow us to execute our sales strategy, meet customer demand for Mesmer and monetise our expanding patent portfolio,” chief executive Jonathan Hunter said in a statement.

“We are also delighted to welcome some high-quality institutional investors onto the register from both the US and Asia.

“Their deep understanding of the counter drone market, and Department 13’s intellectual property portfolio as it relates to lucrative commercial markets, make them valuable partners who see strong potential in our products, our patented position, market opportunity and future revenue growth.”

Department 13 also announced the appointment of Sydney-based executive Tim Davies to its board as a non-executive director.

Mr Davies has previously worked with Goldman Sachs, and two Packer family-owned companies, Consolidated Press Holdings and Ellerston Capital.

Department 13 shares were 7.4 per cent higher to 14.5 cents each ahead of the close of trade.

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