Exclusive-Trump Jr.-backed Unusual Machines, US asset manager invest $10 million in Canada's Draganfly
· CNA · JoinRead a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST
Sept 28 : Donald Trump Jr.-backed Unusual Machines and an unnamed US asset management company have invested $10 million in Canadian drone services firm Draganfly, as defense sector investments gather pace amid persistent geopolitical tensions.
In a statement on Monday, Draganfly said it would use the proceeds to accelerate the development of advanced strategic capabilities and to fund general working capital needs.
Unusual Machines, which counts Trump Jr. as a member of its advisory board, is known for its drone motors and other control components.
The Trump family's investments in several companies have drawn scrutiny amid concerns about potential conflicts of interest, particularly its stakes in defense firms that regularly compete for government contracts.
CNA Games
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
Show More
Show Less
Donald Trump Jr. and his brother Eric Trump have also backed Israeli drone-maker XTEND and Powerus.
Trump Jr. did not immediately respond to a Reuters request for comment.
Draganfly develops and manufactures unmanned aircraft systems and related software for defense, public safety, agriculture and industrial inspection markets.
The company has supplied drones to Ukraine, where its systems have been used for mapping, humanitarian and other missions.
In February, it raised $50 million via a share offering to fund growth plans, working capital, deals and development.
The investment by Unusual Machines and the asset management company is based on Draganfly's closing price of $5.35 on September 25, the company said, and is expected to close by around September 30.
Unusual Machines and the asset management company will invest $5 million each.
Draganfly's New York-listed shares have fallen about 23 per cent so far this year, while those of Unusual Machines have surged about 89 per cent.
Newsletter
Week in Review
Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app