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.
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.
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.”