Drone Aviation Holding Corp. (OTCQX: DRNE) has completed a management-led private placement of convertible notes in the aggregate principal amount of USD3,000,000, the company said.
The notes were purchased by Jay Nussbaum, chairman and CEO, and Frost Gamma Investments Trust, an affiliated entity of Dr. Phillip Frost, chairman of the company´s strategic advisory board. The notes bear interest at a rate of 6.0 percent per annum and mature on October 1, 2017.
Drone Aviation´s product portfolio includes the WASP tactical aerostat, the WATT electric tethered drone and the Bolt higher-altitude, heavier-lift coaxial tethered helicopter and an array of vision-based navigation and autonomous flight management software.
Drone Aviation Holding Corp. develops and manufactures tethered drones and electric-powered drones designed to provide government and commercial customers with enhanced surveillance and communication capabilities.