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SYDNEY, March 8, 2023 /PRNewswire/ DroneShield Ltd(ASX:DRO) (DroneShield or the Company) is pleased to announce the successful completion of its Share Purchase Plan (SPP), which follows the $10.9 million Placement, completed on 6 February. The SPP generated significant support from DroneShield's existing shareholders and substantially exceeded the $3 million the Company targeted via the SPP. DroneShield received SPP applications of $29.4 million at an issue price of $0.30 per Share. Given the strong support shown by shareholders, the Board exercised its discretion under terms of the SPP and has determined not to scale back applications, in recognition of the long-term support of its investors and to maximise growth opportunities. The funds will be used to accelerate DroneShield's growth through a faster scale-up of inventory for near-term sales, growth of key parts of the team, and general working capital. DroneShield's total funds raised under the Placement and SPP are $

New south walesOleg vornikPrnewswire droneshield ltdShield ltdShare purchase planArtificial intelligenceMarch 8023 prnewswire droneshield ltd asx dro or the company is pleased to announce successful completion of its share purchase plan sppHich follows the 10 9 million placementOmpleted on 6 february the spp generated significant support from droneshield 39s existing shareholders and substantially exceeded 3 million company targeted via received applications of 29 4 at an issue price 0 30 per share given strong shown byHe board exercised its discretion under terms of the spp and has determined not to scale back applicationsN recognition of the long term support its investors and to maximise growth opportunities funds will be used accelerate droneshield 39s througha faster scale up inventory for near salesRowth of key parts the teamNd general working capital droneshield 39s total funds raised under the placement and spp are 40 3 million before costs following completionHe company hasa robust balance sheet to accelerate growth with cash of approximately 50 million and no debt oleg vornikRoneshield 39s ceo