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XTEK secures $2.72 million after completing share placement

The placement is being followed by a share purchase plan (SPP) to raise an additional $1 million.

M&A concept
The issue price of the placement and SPP is 45 cents

XTEK Ltd (ASX:XTE) has completed the major component of its capital raising to fund the acquisition of Ohio-based body armour and protective equipment company, HighCom Armor Solutions, Inc.

The acquisition of HighCom supports XTEK’s strategy to commercialise its high-performance ballistic protection products, by accelerating XTclave™ based products’ entry into key target markets in the US.

XTclave™ is a patented manufacturing technology that can produce the world’s lightest and strongest body armour.

XTEK is commercialising its XTclave™ technology through the production of armour products including ballistic plates and helmets that incorporate the technology.

READ: XTEK reveals transformational US acquisition; aims to become leading ballistic armour player

Quick facts: Xtek Ltd

Price: 0.655 AUD

ASX:XTE
Market: ASX
Market Cap: $34.54 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