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 Philippe Odouard updates Proactive Investors on the latest market news which have seen the company’s share price jump from 40 cents to the high 70s.
Odouard said the re-rating could be attributed to US acquisitions, including the newly completed HighCom...