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XTEK opens $2 million SPP to support international ballistic strategy and commercialisation plans

Further investment will be made to accelerate growth in actionable intelligence and advanced composite materials businesses.

XTEK Ltd - XTEK to raise up to $2 million in SPP funding international ballistic strategy and commercialisation
XTEK recently raised $9.2 million in a share placement of 13,291,802 shares

XTEK Ltd (ASX:XTE) has opened its share purchase plan (SPP) to raise up to A$2 million through the issue of the new shares at A$0.69 per share.

The record date for participation is Friday, August 7, and all eligible security holders will have the opportunity to participate.

This follows the company's recently completed oversubscribed share placement to institutions and sophisticated investors, which raised $9.2 million.

Funds to execute international strategy

Capital raising funds will be used to execute XTEK’s international ballistic strategy and commercialisation, including increasing XTclave manufacturing capability in the US which effectively doubles XTclave revenue capacity in anticipation of strong pipeline growth.

Further investment will also be made to accelerate growth in actionable intelligence and advanced composite materials businesses.

“Well-positioned” for growth

Managing director Philippe Odouard said the company was excited to continue commercialising its unique actionable intelligence solutions, which were gaining significant traction and market interest.

In addition, XTEK continued to leverage key collaborations to advance the use of its technology in advanced composite materials initiatives.

Odouard said: “We are well-positioned to capitalise on the anticipated growth and look forward to executing our ballistics strategy to unlock the lucrative US defence market which provides a clear pathway to achieving our medium-long term target of A$100 million revenue.”

The amount raised through the SPP remains subject to the company's absolute discretion to accept oversubscriptions and or to scale back applications.

XTEK’s board and management have confirmed their intention to participate in the SPP.

Quick facts: XTEK Ltd

Price: 0.575 AUD

ASX:XTE
Market: ASX
Market Cap: $40.62 m
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XTEK Ltd with Proactive at the ASX Small and Mid-Cap Conference 2020

XTEK Ltd's (ASX:XTE) managing director Philippe Odouard caught up with Proactive's Andrew Scott while at the ASX Small and Mid-Cap Conference 2020. The business is focused on the delivery of protection and sustainment solutions for the government, law enforcement, military and commercial sectors.

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