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XTEK raises $3.5 million to fund acquisition and growth opportunities

The company is now well funded to execute its strategy to commercialise a range of soldier solutions for the global market.

XTEK Ltd - XTEK raises $3.5 million to fund acquisition and growth opportunities
XTEK aims to become a leading ballistic armour player

XTEK Ltd (ASX:XTE) has closed a share purchase plan (SPP) on August 5, 2019 after raising $855,350 via the issue of shares at 45 cents each.

The SPP was announced to the market on July 17 2019, following the acquisition of HighCom and the successful completion of an oversubscribed placement of $2.7 million.

READ:XTEK secures $2.72 million after completing share placement

With the total amount raised under the placement and SPP of about $3.5 million, XTEK is well funded to execute its operational strategy.

The proceeds from the placement and the SPP will be used to fund the HighCom acquisition, XTEK’s growth in the US market, commercialisation of XTEK’s proprietary technologies, and general working capital.

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

XTEK managing director Philippe Odouard said: “XTEK would like to thank shareholders for their continued support.

“XTEK is now well funded to execute its strategy in commercialising our range of soldier solutions in a global market and expanding into the US market.”

Quick facts: Xtek Ltd

Price: 0.75 AUD

ASX:XTE
Market: ASX
Market Cap: $39.55 m
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