Xtek Ltd - XTEK Limited Share Purchase Plan Opens After Successfully Raising A$9.2m

What happened?

What's happened?

XTEK Limited (ASX:XTE "XTEK") have launched a Share Purchase Plan in order to raise up to A$2.0m after successfully raising $9.2m from existing and new investors, including institutional investors.

What are the key highlights?

XTEK will use the funds raised to tackle several initiatives including:

Execution of international ballistics strategy – Additional resources to support commercialisation activities to expand revenue, including ballistic product development and defence-focused sales and marketing.
Commercialisation of XTEK's propreitary XTclave technology – this will provide an ability to target lucrative US Government, Defence and Law Enforcement contracts by manufacturing large-scale ballistic orders in the US.
Accelerate growth in other operations – Investment in commercialisation and product development across actionable intelligence initiatives and advanced composite materials (i.e. space collaborations).
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

For further information, please refer to the announcement linked below.

Managing Director's summary

Philippe Odouard Managing Director of Xtek Ltd has provided a statement.

Philippe Odouard

Managing Director, Xtek Ltd

“We are pleased to welcome new institutional investors to our share register. Their support for this transaction reflects the endorsement of our financial performance, business strategy, progress made in commercialising XTclave products and exciting outlook. We look forward to accelerating our ballistics commercialisation strategy by increasing our manufacturing capacity in the US, effectively doubling XTclave revenue capacity. We are excited to continue commercialising our unique actionable intelligence solutions, which is gaining significant traction and market interest. In addition, we continue to leverage key collaborations to advance the use of our technology in advanced composite materials initiatives. Lastly, we are well-positioned to capitalise on the anticipated growth and look forward to executing our ballistics strategy to unlock the lucrative US defence market which provides a clear pathway to achieving our medium-long term target of A$100m revenue.”