Sprintex Limited (ASX:SIX) has raised $190,000 through a share placement to continue development of its core automotive product in the North American market.
The placement of 63.3 million shares priced at $0.003 per share was made to an existing shareholder Axiom Investment Management.
In 2014, the company reorganised and sought to stabilise its position in the automotive market as a leading global producer of superchargers.
Its products are used in the Jeep JK 3.6L Pentastar system as well as the Toyota FT86 / Scion FRS / Subaru BRZ vehicles.Sprintex is also close to releasing the S5-100 supercharger, which is suitable for 800cc to 1.2L engines.
This product will be particularly relevant to small engine vehicles and other products such as ATV’s, snowmobiles and jet skis.
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