Strategic Elements Ltd (ASX:SOR) has been provided with compelling evidence of support for its artificial intelligence and robotics development strategy with a share purchase plan (SPP) attracting more than twice the number of applications required to raise $1 million.

There was such a strong demand from shareholders for the SPP that more than $2.2 million in applications have been received.

The SPP was optional to existing shareholders on the register as at 5pm on September 11, 2019, and capped to a maximum total of $1 million at 6 cents per share.

“Strong show of support”

In a statement, SOR said: “The company thanks the very strong show of support from shareholders in an environment where many companies have struggled to raise capital at all.”

All directors and management also demonstrated their support of the company’s AI and robotics strategy by taking up the maximum application under the plan.

This strategy is being advanced by SOR’s subsidiary Stealth Technologies and the SPP funds will support the expansion of technology capabilities in AI, robotics and computer vision.

The company is processing applications for eligibility in the heavily oversubscribed SPP and will advise shareholders shortly of the final amount raised.

Any application funds rejected or scaled back will be refunded after the allotment date.