Xtek Ltd - XTEK Limited Share Purchase Plan Opens After Successfully Raising A$9.2m
Xtek Ltd (ASX:XTE)

XTEK Limited Share Purchase Plan Opens After Successfully Raising A$9.2m

Document   View Announcement

Highlights

What's happened?

XTEK Limited (ASX:XTE "XTEK") have launched a Share Purchase Plan in order to raise up to A$2.0m after successfully raising $9.2m from existing and new investors, including institutional investors.

What are the key highlights?

XTEK will use the funds raised to tackle several initiatives including:

  1. Execution of international ballistics strategy – Additional resources to support commercialisation activities to expand revenue, including ballistic product development and defence-focused sales and marketing.
  2. Commercialisation of XTEK's propreitary XTclave technology – this will provide an ability to target lucrative US Government, Defence and Law Enforcement contracts by manufacturing large-scale ballistic orders in the US.
  3. Accelerate growth in other operations – Investment in commercialisation and product development across actionable intelligence initiatives and advanced composite materials (i.e. space collaborations).
  4. Working capital – provide working capital required to grow the Company’s business and meet its ongoing financial obligations for factory stock, corporate and transaction costs

For further information, please refer to the announcement linked below.

Managing Director's Summary

Philippe Odouard

“We are pleased to welcome new institutional investors to our share register. Their support for this transaction reflects the endorsement of our financial performance, business strategy, progress made in commercialising XTclave products and exciting outlook. We look forward to accelerating our ballistics commercialisation strategy by increasing our manufacturing capacity in the US, effectively doubling XTclave revenue capacity. We are excited to continue commercialising our unique actionable intelligence solutions, which is gaining significant traction and market interest. In addition, we continue to leverage key collaborations to advance the use of our technology in advanced composite materials initiatives. Lastly, 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$100m revenue.”

Philippe Odouard
Managing Director, Xtek Ltd
Question   Ask Philippe Odouard a question...

Download Announcement

View this announcement as well as our full profile on the company.
Document   View Announcement
View XTE's Full Profile Arrow Forward

How do I invest?

Considering investing in Xtek Ltd?
Here's how to get started.
Low Cost Brokerage ASX Cheapest ASX Trading Platform
  1. 1

    Create account

    Open an account with an online broker of your choice. If you do not have an existing broker, consider Vested Equities' A$9.50 flat fee platform.

    Sign up now »
  2. 2

    Search for ASX:XTE

    On your online investment platform search for the stock ticker code ASX:XTE to bring up the company's shares.

  3. 3

    Buy shares

    Place your order however you wish. If you need advice on buying or selling, you should seek the assistance of a full service financial adviser experienced in small cap equities.

Trade for $9.50 Arrow Forward
Up