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XTEK's share purchase plan exceeds target raising

XTEK is a leader in homeland security equipment for the military and police sectors.

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XTEK continues to grow revenue

XTEK Ltd (ASX:XTE) has had to scale back its share purchase plan due to an oversubscription of applications.

The plan is in the money, offering shares at $0.46, compared to the last traded price of $0.50.

As a result, XTEK has elected to accept all applications for parcels of securities of up to $5,000 in full.

Applications above $5,000 will be scaled back by 11%, similar to the scale back that was applied to investors who participated in the recent Placement.

In total the offer raised close to $1.5 million.

Revenue climbing

XTEK recorded unaudited income of A$8.93 million at the end of June, up from A$4.1 million at the end of March.

Not only does the company continue to exhibit strong signs of growth, but a strong sales pipeline suggests that this growth is going to continue.

XTEK believes it could double its revenue again in FY2018.

Quick facts: XTEK Ltd

Price: 0.515 AUD

ASX:XTE
Market: ASX
Market Cap: $27.38 m
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