Trump Jr.-backed Unusual Machines and U.S. asset manager reportedly invest $10 million in Canada's Draganfly
DPRO•Trump Jr.-backed Unusual Machines and a U.S. asset management company will invest $10 million in Draganfly, with each contributing $5 million. The investment is expected to close around September 30.
1. Investment details
Draganfly said it will use the proceeds to accelerate development of advanced strategic capabilities and fund general working capital needs. The investment is based on Draganfly's September 25 closing price of $5.35 and is expected to close around September 30.
2. Companies and shares
Unusual Machines, whose advisory board includes Donald Trump Jr., makes drone motors and other control components. Draganfly develops and manufactures unmanned aircraft systems and related software for defense, public safety, agriculture and industrial inspection markets. Its New York-listed shares rose 5.2% in pre-market trading.
