1414 Degrees secures $8.5M share placement

• 1414 Degrees has received firm commitments to raise $8.5 million through a share placement.
• The placement was completed at $0.10 per share, representing a 23% discount to the last closing price.
• The company stated that the capital will fund its drone, defence, space, and data centre strategies.

1414 Degrees (ASX:14D) has secured firm commitments to raise $8.5 million before costs through a capital placement to sophisticated, professional, and institutional investors.

The company completed the share placement at $0.10 per share, representing a 23% discount to its last closing price but a 14% premium to its 30-day volume-weighted average price.

The company stated that the raised funds will provide financial flexibility to progress its drone, defence, and aviation transactions with Energia 2000 and Orbit Boy.

The capital will also support other opportunities across the robotics and autonomous sectors, including potential early revenue opportunities.

Following the announcement, the 1414 Degrees share price was down at $0.10.

As part of its broader strategy, the company is engaging in due diligence with several data centre groups for potential investments in its Aurora Energy Precinct.

The Aurora project is designed to provide up to 900 MW of renewable energy, targeting major infrastructure requirements.