Orbital UAV Secures AU$4 million Investment for Engine Development

Orbital Corporation Ltd (ASX: OEC) is set to raise AU$4 million through a capital raising effort, with 28.6 million new fully paid ordinary shares being issued at a price of AU$0.14 per share, reflecting a 16.7% premium over the recent closing price. The capital raising is supported by new investor Mr. Gordon Martin, who is contributing AU$3 million in the first tranche, and UIL Limited, Orbital UAV's largest shareholder, committing AU$1 million in the second tranche, subject to shareholder approval.

These funds will be utilized to accelerate engine development programs and provide working capital for the company. Mr. Todd Alder has stepped down as Managing Director & CEO, with Mr. Andrew Mills taking on the role of Interim CEO. The capital injection aims to strengthen Orbital UAV's position as a leader in military drone engine systems.

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