Draganfly makes its first investment following summer fundraise

7th Oct 2016 11:53

(ShareCast News) - Investing company Draganfly announced on Friday that it has made its first investment following the two fundraising exercises completed in summer.The AIM-traded firm said it had made a convertible term loan of £60,000 to AltEnergis, a privately-owned company registered in England and Wales, specialising in the development and commercialisation of novel intellectual property.ALtEnergis currently has five core technologies under development.The loan is for a term of one year and bears interest at the rate of 8% per annum, and is convertible into equity of AltEnergis at the request of the company.Draganfly said the purpose of the investment is to enable AltEnergis to secure a grant and to reinforce certain technology IP and patent rights.In the year to 31 December 2015, AltEnergis made an unaudited loss of £52,999."The board [is] constantly exploring investment possibilities," said Draganfly chairman Edward Bayman."This investment gives Draganfly an interest in an exciting company with some very promising technologies."