Login
iscover
XTEK has announced that the company is undertaking a capital raising valued at approximately $7.7 million in order to develop new array of defence and business capabilities.
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
XTEK has confirmed that the company has begun undertaking a $7.7 million capital raising, having thus far raised $2.7 million via an underwritten placement of shares. The company further expects to raise approximately $5 million via an entitlement offer, partially underwritten to $3 million.
The company confirmed that the funds will support the enhancement of the company’s UAV, software and ballistics capabilities as well as providing working capital.
According to a release from the company, the funds will be used for the following:
- UAVs: development of an Australian-made small VTOL unmanned aerial vehicles for upcoming sales opportunities with the Australian Defence Force;
- Software: development of the next XTatlas actionable intelligence software applications;
- Ballistics: expand the range of hard armour plates and helmets made using XTEK’s patented XTclave process; and
- Working capital: Provide working capital required to grow the company’s business and meet its ongoing financial obligations for factory stock, corporate and transaction costs.
