The share purchase plan 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.
Chairman Uwe Boettcher has acquired 66,668 fully paid shares at 45 cents per share and now holds almost 5.247 million shares.
Executive director Robert Quodling purchased 66,668 shares, increasing the number of securities held to 429,575.
Board of directors increase stake
Managing director Philippe Odouard increased his stake in the company to 453,851 fully paid shares after purchasing 33,334 at 45 cents per share.
Non-executive director Ivan Slavich also purchased 33,334 shares, increasing his interest to 679,028.
Non-executive director Chris Fullerton purchased 22,223 ordinary shares, taking his holding to 72,223.
Well-funded to execute operational strategy
With the total amount raised under the placement and SPP of about $3.5 million, the company is well funded to execute its operational strategy.
The proceeds from this placement will be used to fund the HighCom acquisition, XTEK’s growth in the market, commercialisation of XTEK’s proprietary technologies and general working capital.