Plymouth Rock Technologies recently announced the closing of their non-brokered private placement.
- 5.75M units at the price of $0.40 per unit
- Raised a total of $2.3M in gross proceeds
- Units will consist of 1 share and 1, 5-year warrant available for exercise after $0.50
This is great news for the company as they'll have the cash for the Tetra Drones acquisition, ongoing research and development and for the commercialization of PRT's technologies, and for working general capital. Now that they’ve raised an additional $2.3M (after another oversubscribed $2M financing back in June), they’re all cashed up for the time being.
https://ca.finance.yahoo.com/news/plymouth-rock-announces-closing-non-220000601.html
A little bit of background on them: $PRT is developing the next generation of threat detection solutions and unmanned aerial systems. They work with government, law enforcement and the military to innovate national security, defence and space systems. Their drone is built with artificial intelligence with augmented reality interfaces to eliminate human operating error and maximize effectiveness.
IMO, unmanned systems are the future. Now that we have the tech and capabilities to limit danger and increase safety. The numbers also reflect this thought. The UAV market is estimated to reach $58.4B by 2026 from $27.4B today, with a CAGR of 16.4% (and 17.1% growth in the special purpose drone segment). Considering this growth, $PRT is looking pretty cheap with a $19M market cap.
https://www.prnewswire.com/news-releases/unmanned-aerial-vehicle-uav-market-worth-58-4-billion-by-2026--exclusive-report-by-marketsandmarkets-301310782.htm