Draganfly rises after $10 mln stock deal with Trump Jr.-backed Unusual Machines, US fund

By Reuters News

** U.S.-listed shares of Canadian drone services firm Draganfly Inc up 4.3% at $5.58 before the bell on Mon after news of $10 mln equity raise

** DPRO says Unusual Machines UMAC.A, which counts Donald Trump Jr. as a member of its advisory board, and an unnamed US investment fund each invested $5 mln in the co

** Registered direct offering of ~1.9 mln shares priced at $5.35, matching stock's last sale on Fri

** DPRO intends to use net offering proceeds to accelerate the development of advanced strategic capabilities and fund general working capital

** Jett Capital Advisors and Northland Capital Markets joint-lead placement agents

** Investment comes as the Trump family's ​investments in several firms have drawn scrutiny amid concerns of potential conflicts of interest, particularly ⁠its stakes in defense firms that regularly compete for ​government contracts

** UMAC shares down 1.5% at $23.68 premarket

** With ~37.15 mln shares outstanding, DPRO has roughly $200 mln market cap

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