LONDON (Alliance News) - Aerospace services company Strat Aero PLC on Tuesday said it has raised GBP660,000 in a discounted share placing, sending its shares lower.
The company said it has issued 7.3 million shares at 9 pence per share. Shares in Strat Aero were down 19% to 9.281 pence on Tuesday morning, one of the worst performers in the London Main Market.
The company is to use the proceeds to progress its work on unmanned aerial systems pilot training and service, along with its aviation management and software arms.
"Since listing Strat Aero in November 2014, the board has been busy identifying numerous revenue generative and value accretive opportunities across the aerospace and aviation industry and we have made solid progress in advancing these discussions over the past four months," said Chief Executive Russell Peck.
"The funds raised today will provide the company with the ability to secure and develop these contracts and relationships as we look to establish a portfolio of scalable commercial interests to provide maximum returns for shareholders across the dynamic and rapidly growing aviation and aerospace sector," Peck added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.