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XTEK has announced that the company is undertaking a capital raising valued at approximately $7.7 million in order to develop new array of defence and business capabilities.
XTEK has confirmed that the company has begun undertaking a $7.7 million capital raising, having thus far raised $2.7 million via an underwritten placement of shares. The company further expects to raise approximately $5 million via an entitlement offer, partially underwritten to $3 million.
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The company confirmed that the funds will support the enhancement of the company’s UAV, software and ballistics capabilities as well as providing working capital.
According to a release from the company, the funds will be used for the following:
- UAVs: development of an Australian-made small VTOL unmanned aerial vehicles for upcoming sales opportunities with the Australian Defence Force;
- Software: development of the next XTatlas actionable intelligence software applications;
- Ballistics: expand the range of hard armour plates and helmets made using XTEK’s patented XTclave process; and
- Working capital: Provide working capital required to grow the company’s business and meet its ongoing financial obligations for factory stock, corporate and transaction costs.
