What's happened?
XTEK Limited (ASX:XTE "XTEK") has secured a A$2.5m loan facility from the Commonwealth Bank of Australia (CBA). This loan will be used to invest into the equipment for the mass production of XTEK’s XTclave™ ballistic helmets.
What are the key highlights?
- Funds will be used primarily to enhance XTclave ballistic helmet manufacturing line within XTEK’s state-of-the-art manufacturing facility in Adelaide.
- This investment places XTEK in a stronger position to deliver on large commercial orders for XTclave ballistic helmets.
- XTEK is in active negotiations to supply helmets to international customers. XTEK confirms that good progress has been made recently and the first order remains on track for mid-2020.