XTEK secures $2.72 million after completing share placement
The placement is being followed by a share purchase plan (SPP) to raise an additional $1 million.
The issue price of the placement and SPP is 45 cents
XTEK Ltd (ASX:XTE) has completed the major component of its capital raising to fund the acquisition of Ohio-based body armour and protective equipment company, HighCom Armor Solutions, Inc.
The acquisition of HighCom supports XTEK’s strategy to commercialise its high-performance ballistic protection products, by accelerating XTclave™ based products’ entry into key target markets in the US.
XTclave™ is a patented manufacturing technology that can produce the world’s lightest and strongest body armour.
XTEK is commercialising its XTclave™ technology through the production of armour products including ballistic plates and helmets that incorporate the technology.
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XTEK Ltd (ASX:XTE) managing director Phillipe Odouard updates Proactive Investors on the company’s strategic US acquisition of Ohio-based body armour and protective equipment company, HighCom Armor Solutions, Inc.
Mr Odouard says the strategic acquisition represents a key milestone in...