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XTEK Ltd completes share placement

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XTEK Ltd (ASX:XTE) has now completed the share placement raising $750,000 through the issue of circa 2.3 million shares at $0.332.

Including funds from the recent share purchase plan, the company raised at total of $2 million.

Funds raised from the placement will be used to expand marketing, sales and contract support, for commercialisation of XTatlasTM technology, to continue development and commercialisation of XTclaveTM and to supplement working capital.

The technology geo-references live aerial video onto a digital map to deliver high definition video images in context to the map in real-time.


XTatlas™ further details

XTatlas™ introduces a disruptive game changer capability in the UAS market.

The technology includes an electro-optical aviation payload and associated ground station software that can geo-reference video from the payload onto a background map in the ground station in real time.

This delivers a high definition video image in context to a digital map in real-time and mosaic mapping in near real-time.


XTatlas™ commercialisation

Commercialisation has commenced, with global demand identified from UAS operators, defence and other government agencies, including police and emergency services.

Technology licences will be achieved initially through existing geospatial and UAS partner distribution networks in Europe and the U.S.

 

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Quick facts: XTEK Ltd

Price: 0.7 AUD

ASX:XTE
Market: ASX
Market Cap: $36.91 m
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XTEK Limited's chairman Uwe Boettcher talks to Proactive Investors TV

XTEK Limited (ASX:XTE) is a leading defence and homeland security equipment provider.

on 02/09/2016

2 min read