ISOTeam has raised gross proceeds of about $10 million from its share placement and convertible bond placement exercise.
The convertible bond placement in the aggregate principal amount of $3 million which may be converted into 32.9 million conversion shares at approximately 9.1 cents per share was fully placed out to three bond investors, namely Asdew Acquisitions and two other private investors.
Meanwhile, the share placement of 86.2 million new ordinary shares at a placement price of 8.1 cents per share was fully subscribed. It attracted institutional investors including Lion Global Investors, Asdew Acquisitions, ICH Capital, Ginko-AGT Growth Fund, Areca Capital and Azure Capital.
The company, which is in the building maintenance and estate upgrading business, says that about 60% of net proceeds will be used for commercialisation and final development of drones.
The remaining proceeds will be used for working capital needs, including corporate expenses, hiring of drone pilots, software engineers and other related talent.
Shares in ISOTeam closed 0.2 cents lower or 2.326% down at 8.4 cents on Sept 23.
