Strategic Elements Ltd (ASX:SOR) has strengthened its books through a successful $3 million placement to institutional investors.
The company will use the funds to advance its existing 100%-owned businesses and fund new potential opportunities.
Strategic Elements, a venture builder, has a range of technology projects, including the self-charging battery, which aims to run solely from moisture harvested from the air, and an automated robotic security vehicle.
Recently, the team of scientists involved University of New South Wales (UNSW) and the CSIRO fabricated a prototype battery pack with 20 scaled-down connected battery ink cells, which successfully produced a 14-volt output solely by harvesting moisture from the air.
It has also recently begun developing a ‘Sensor Fusion’ stack for integration into a new generation of autonomous robotic security vehicles that will make them more intuitive and more responsive to their environment.
Placement overview
There were 10 million shares issued at A$0.30 each, a 13% discount to the previous day’s closing price on April 21, 2021, of $0.345.
The company will also issue 3 million unlisted options for nil consideration with an exercise price of $0.40 and an expiry date of April 23, 2023.
Brentridge Capital acted as sole manager facilitating the placement.
- Daniel Paproth