07:43 AM EDT, 07/18/2025 (MT Newswires) -- Volatus Aerospace ( TAKOF ) after markets closed on Thursday, closed its previously announced fully subscribed non-brokered listed issuer financing exemption (LIFE) private placement for proceeds of about $10 million.

The company had issued 19.2 million units at a price of $0.52, apiece. Each unit is comprised of one common voting share and one-half of one common share purchase warrant of the company. Each warrant entitles the holder thereof to buy one common share at $0.76 per warrant share for 36 months following the date of issuance.

Volatus intends to use proceeds for expansion into its defense business segment, increase inventory of drone systems, and for general working capital and corporate purposes.

Shares of the company closed down 8.9% to $0.72 on Thursday on the TSX Venture Exchange.