- Dragontail Systems (DTS) has received another $2 million in funding from Alceon as part of a previously announced funding agreement
- This latest round of funding will provide Alceon with $2 million worth of convertible preference shares at 1.3 cents each after shareholders signed off on the move
- Earlier this week, DTS shareholders also signed off on issuing $5.25 million worth of shares to Eldridge Industries
- The company, which uses technology to improve food service, raised a total $19.25 million from the agreement with U.S. and Australian investors
- DTS has used the funds to pay off its loans with the investors as well as to expand its product lines and international presence
- Shares in Dragontail Systems are trading down 2.94 per cent at 16.5 cents each
Dragontail Systems (DTS) has received another $2 million in funding as part of a previously announced funding agreement.
The company, which uses technology to improve food service, raised $19.25 million from the agreement signed with U.S. and Australian investors last March.
DTS received this latest round of funds from Australian investor Alceon, which subscribed for $2 million worth of convertible preference shares at 1.3 cents each.
Dragontail needed to seek the approval of its own shareholders before it could issues the shares, with investors now signing off on the move.
DTS shareholders also signed off on issuing another $5.25 million worth of shares to U.S. investor Eldridge Industries.
Once the shares have been issued, the funding agreement between the investors and Dragontail will have been completed.
“We are very pleased to complete the final stage of this strategic fundraising which will provide Dragontail with additional capital to capitalize on its substantial pipeline of opportunities,” Alceon’s Adam Ritter said.
DTS used part of the $19.25 million raised to pay off a previous loan it had with Alceon and Eldridge.
The rest of the funds will go towards advancing the company’s products and international expansion plans.
Shares in Dragontail Systems are trading down 2.94 per cent at 16.5 cents each at 1:48 pm AEDT.