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XTEK in trading halt ahead of a capital raising activity

The trading halt will remain in place until Monday, August 10, or when an announcement is released to the market.

XTEK Ltd - Xtek is in trading halt ahead of a capital raising activity
XTEK’s long-term plan is to develop its existing manufacturing capabilities in the US

XTEK Ltd (ASX:XTE) has an announcement pending in relation to capital raising activity and has been granted a trading halt.

The trading halt will remain in place until the start of regular ASX trade on Monday, August 10, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 82 cents and since June 15 have traded in the range of 54 cents to 91 cents.

Additional ADF purchase order

In July, XTEK received another purchase order from the Australian Defence Force (ADF) for the supply of additional AeroVironment WASP AE Small Unmanned Aerial Systems (SUAS).

The order, which is worth around A$2.8 million, is in addition to XTEK's ongoing SUAS supply contract to the ADF and represents XTEK’s strong and continued relationship with the ADF.

Delivery of the new purchase order is anticipated in FY2021.

XTEK managing director Philippe Odouard said at the time the order represented XTEK’s strong and continued relationship with the ADF.

He said: “The supply and maintenance of SUAS remains an ongoing focus for XTEK.

“Our SUAS business underpins our increasing revenue, with recurring attributes.

“In addition, our facility in Canberra is in full operation providing critical repair and maintenance services to support the ADF’s growing SUAS fleet.

Quick facts: XTEK Ltd

Price: 0.59 AUD

ASX:XTE
Market: ASX
Market Cap: $41.68 m
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