Post by icemandios on Sept 30, 2016 13:05:58 GMT
Drone Aviation Completes $3 Million Private Placement
Management-Led Financing to Accelerate Production
JACKSONVILLE, FL--(Marketwired - September 30, 2016) - Drone Aviation Holding Corp. (OTCQX: DRNE) ("Drone Aviation" or the "Company"), a manufacturer of tethered drones and lighter-than-air aerostats, today announced that it has completed a management-led private placement of convertible notes in the aggregate principal amount of $3,000,000.
The notes were purchased by Jay Nussbaum, Chairman and CEO, and Frost Gamma Investments Trust, an affiliated entity of Dr. Phillip Frost, Chairman of the Company's Strategic Advisory Board. The notes bear interest at a rate of 6% per annum and mature on October 1, 2017. The notes may be prepaid at the Company's discretion without penalty or converted at the holder's option into shares of Drone Aviation's common stock at a price per share equal to the lesser of $3 per share or a 15% discount to the lowest per share purchase price of common stock in the Company's next round of financing.
Jay Nussbaum stated, "Dr. Phil Frost and I are committed to a shared vision of growing a company with unique technologies and positioning it to become a leader in the rapidly growing drone industry. This additional investment demonstrates our commitment to that vision by providing Drone Aviation with additional resources to support increased sales and business development activities as well as expand production capability to meet demand from U.S. military and other governmental and commercial customers."
Drone Aviation's product portfolio includes the WASP tactical aerostat, the WATT electric tethered drone and the newly launched Bolt higher-altitude, heavier-lift coaxial tethered helicopter and an array of vision-based navigation and autonomous flight management software.
About Drone Aviation Holding Corp.
Drone Aviation Holding Corp. (OTCQX: DRNE) develops and manufactures cost-effective, compact and rapidly deployable aerial platforms, including lighter-than-air aerostats and electric-powered drones designed to provide government and commercial customers with enhanced surveillance and communication capabilities. Utilizing a proprietary tether system, Drone Aviation's products are designed to provide prolonged operational duration capabilities combined with improved reliability, uniquely fulfilling critical requirements in military, law enforcement, commercial, and industrial applications. For more information about Drone Aviation, please visit www.DroneAviationCorp.com or view our reports and filings with the Securities and Exchange Commission (the "SEC") at www.sec.gov, including the Risk Factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as well as information in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Management-Led Financing to Accelerate Production
JACKSONVILLE, FL--(Marketwired - September 30, 2016) - Drone Aviation Holding Corp. (OTCQX: DRNE) ("Drone Aviation" or the "Company"), a manufacturer of tethered drones and lighter-than-air aerostats, today announced that it has completed a management-led private placement of convertible notes in the aggregate principal amount of $3,000,000.
The notes were purchased by Jay Nussbaum, Chairman and CEO, and Frost Gamma Investments Trust, an affiliated entity of Dr. Phillip Frost, Chairman of the Company's Strategic Advisory Board. The notes bear interest at a rate of 6% per annum and mature on October 1, 2017. The notes may be prepaid at the Company's discretion without penalty or converted at the holder's option into shares of Drone Aviation's common stock at a price per share equal to the lesser of $3 per share or a 15% discount to the lowest per share purchase price of common stock in the Company's next round of financing.
Jay Nussbaum stated, "Dr. Phil Frost and I are committed to a shared vision of growing a company with unique technologies and positioning it to become a leader in the rapidly growing drone industry. This additional investment demonstrates our commitment to that vision by providing Drone Aviation with additional resources to support increased sales and business development activities as well as expand production capability to meet demand from U.S. military and other governmental and commercial customers."
Drone Aviation's product portfolio includes the WASP tactical aerostat, the WATT electric tethered drone and the newly launched Bolt higher-altitude, heavier-lift coaxial tethered helicopter and an array of vision-based navigation and autonomous flight management software.
About Drone Aviation Holding Corp.
Drone Aviation Holding Corp. (OTCQX: DRNE) develops and manufactures cost-effective, compact and rapidly deployable aerial platforms, including lighter-than-air aerostats and electric-powered drones designed to provide government and commercial customers with enhanced surveillance and communication capabilities. Utilizing a proprietary tether system, Drone Aviation's products are designed to provide prolonged operational duration capabilities combined with improved reliability, uniquely fulfilling critical requirements in military, law enforcement, commercial, and industrial applications. For more information about Drone Aviation, please visit www.DroneAviationCorp.com or view our reports and filings with the Securities and Exchange Commission (the "SEC") at www.sec.gov, including the Risk Factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as well as information in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.