Trump Jr.-backed Unusual Machines, US asset manager invest $10 million in Canada's Draganfly
DPRO•Unusual Machines and an unnamed US asset management company will invest $10 million in Draganfly, with each contributing $5 million. Draganfly said it will use the proceeds to develop strategic capabilities and for working capital.
1. Investment details
Draganfly said the investment is based on its September 25 closing price of $5.35 per share and is expected to close around September 30. The company plans to use the proceeds to accelerate development of advanced strategic capabilities and fund general working capital needs.
2. Company context
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; it has supplied drones to Ukraine for mapping, humanitarian and other missions. Draganfly raised $50 million in a share offering in February.
