S‑Ventures PLC (AQSE:SVEN) (AQSE: SVEN) said it has raised £300,000 through a subscription of 8,571,428 new ordinary shares at 3.5p each.
The company said the majority of the funds will be invested into Hybrid Drones Limited, trading as Hydra Drones, a defence drone technology business developing hybrid jet‑and‑battery unmanned aerial vehicles with high payload and range. Hydra Drones, which counts MBDA as an investment partner, operates from a facility in Thruxton.
S‑Ventures said the Hydra Drones investment will sit alongside its material stake in TOORU PLC as part of its plan to build a “dynamic special opportunities public investment group.”
S‑Ventures also announced it intends to offer retail investors the chance to subscribe via a Winterflood Retail Access Platform (WRAP) Retail Offer to raise up to £100,000 through the issue of up to 2,857,142 ordinary shares at 3.5p.
"I am delighted to announce this fundraising today. We are very excited about the potential of Hybrid Drones Limited and certain other potential opportunities for investment by the Company. This fundraising is a very welcome statement of support for our strategy and we welcome new shareholders to our company," director Bhanu Choudhrie said.
Investors in the placing will receive one warrant per new share, exercisable at 5p for two years from the date of this announcement.
