Not any more... XTEK Limited (ASX:XTE) hereby advises that the...

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redgie321

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26/05/16

09:19

Post #: 17869674
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Originally posted by Nortical ↑

From the announcements:

"XTEK has secured a three-year $10m equity facility with Kentgrove Capital that will keep it well funded over the coming years. XTEK can raise cash by issuing shares to Kentgrove at a 5% discount to market price in tranches of between $100K and $500K. The capital raising is totally at XTEK’s discreton and the funds will be used to expand the business (including commercializing innovatons, commercializing the UAS business and funding Merger & Acquision opportunites). XTEK has no debt"

"In 2013 XTEK was awarded a US$1.5m contract by the United States Department of Defense Foreign Comparative Testng (FCT) Program for the development of advanced lightweight hard armour plate solutions using XTclaveTM . The program will conclude over the coming months with final reports provided to the US Army by April 2016."

"Investment to achieve the above priorities is significant and ongoing. The Company intends to raise capital to fund this investment over the next year."

Hopefully something is announced with the CR. As eagle said they have previously just announced draw downs, however looking at the half yearly they are probably pretty short on funds given the cash burn rate.

Expand

Not any more...

XTEK Limited (ASX:XTE) hereby advises that the Equity Placement Facility Agreement as entered into by XTEK and Kentgrove Capital Pty Ltd (“Kentgrove”) on 14 July 2015 has been terminated, effective as of 26 May 2016. The termination decision is by mutual agreement of both XTEK and Kentgrove and reflects the Company’s desire to pursue other avenues of capital raising in the future. The Company is appreciative of the high level of professional services provided by Kentgrove during the term of the Agreement.

Where does this leave us?

XTE Price at posting: 42.5¢ Sentiment: Hold Disclosure: Held
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Not any more... XTEK Limited (ASX:XTE) hereby advises that the...

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