RDARS Inc., a robotics and drone technology company based in Toronto, Ontario, has successfully closed its non-brokered private placement of secured convertible debentures. The financing generated aggregate proceeds to the company amounting to $675,000. The debentures are convertible into common shares of the company at a conversion price of $0.15 per share and will mature on September 22, 2023. The Company has the option to prepay or redeem a portion or the entire amount of the debentures, alongside any accrued and unpaid interest. The issuance of the debentures is secured by a general security agreement granting a security interest in the Company’s assets. The funds raised from the financing will be used for debt repayment and general working capital.
RDARS Inc. specializes in developing advanced systems for alarm system augmentation and surveillance. Its autonomous artificial intelligence systems provide real-time response, situation awareness, verification, intervention, evidence recording, data capture, analysis, and immediate downstream transmissions to public safety agencies. The company’s flagship product, the Eagle Watch Platform, comprises the Eagle Eye drone, Eagle Nest drone station, Eagle Rover indoor robotic system, and Eagle Watch Command & Control Software. RDARS is focused on obtaining approvals for beyond visual line of sight (BVLOS) operations to improve alarm response and situational awareness. It serves private and enterprise customers in the United States and Canada.
Despite the challenges posed by the COVID-19 pandemic, RDARS aims to revolutionize the security industry by combining robotics and drone technology with artificial intelligence. The company’s products offer cost-effective and reliable situational awareness solutions, allowing for better property security. RDARS’ ability to receive, analyze, and transmit data in real-time to public safety agencies in the event of a security breach provides valuable information to authorities before they arrive at the scene. This proactive approach to security is a game-changer for the industry.
The successful closing of the private placement indicates investor confidence in RDARS’ innovative technology and business model. The company’s management team will now focus on executing its strategies and objectives, utilizing the funds to repay debts and strengthen its working capital. As RDARS continues to develop and refine its autonomous robotic systems, it anticipates expanding its customer base and market reach in both the United States and Canada.
Forward-looking statements in this press release highlight RDARS’ plans, intentions, and expectations, acknowledging the risks and uncertainties associated with the autonomous drone and robotic industry. The company aims to remain adaptable to changes in economic and market conditions and regulatory requirements. RDARS’ goal is to establish itself as a leader in the security industry, providing advanced solutions and driving technological advancements. By leveraging its disruptive technology, RDARS is poised to make a significant impact in enhancing property security and contributing to public safety.
For more information about RDARS and its innovative products, visit the company’s website at www.rdars.com.
Chief Executive Officer