RDARS non-brokered private placement
by CM staff
The proceeds from the sale of the units will be used for advancing the product development of the company's drone technology and general working capital purposes.
TORONTO — RDARS Inc., an autonomous robotics and drone technology company developing autonomous drone and robotic systems for alarm system augmentation and surveillance, announced a non-brokered private placement of units for aggregate gross proceeds of US$1,000,000 at a price of US$0.05 per unit. The offering is fully subscribed for by an institutional investor.
Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant shall entitle the holder to acquire an additional common share at a price of US$0.06 for a period of 36 months following the closing of the offering.
The proceeds from the sale of the units will be used for advancing the product development of the company’s drone technology and general working capital purposes.
The offering is expected to close on or about January 27. Closing shall be completed in a single tranche of funding. Completion of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals. There can be no assurance that the offering will be completed, whether in whole or in part.
All securities issued under the offering will be subject to a four-month and one day statutory hold period in accordance with applicable securities laws.
“RDARS is gaining significant traction from institutional investors, and this financing exemplifies the confidence in our future’s strategic planning, and substantiates our belief that our current share’s stock price is undervalued,” Charles Zwebner, CEO, RDARS. “This financing will aid RDARS to align with the execution of our 2023 business plans and favourable projections for the year.”