SAC Capital has been appointed the agent for the share placement, while SooChow Singapore Capital Markets is the agent for the convertible bond placement.
The convertible bonds will bear an interest rate or 4% per annum (p.a.) with a maturity date of 36 months from the date of issue.
ISOTeam has been exploring drone technology since 2021 through a collaboration with a technology partner which has led to the use of AI-enabled drones for facade inspection works.
The group is now in the final stage of approval processes and commercial trials for its facade painting and washing drones, and funds raised will help it increase resources to evolve the technology until commercialization.
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“What started as a project to resolve manpower supply issues during the Covid-19 pandemic is finally coming to fruition. The drones can work quickly and tirelessly with greater accuracy. This will reduce our reliance on foreign workers and result in time and manpower cost savings as well as enhanced work-site safety,” says Anthony Koh, CEO of ISOTeam.
Shares in ISOTeam closed flat at 8.9 cents on Sept 18.
