Cold spray technology company Titomic (ASX:TTT) completed an upsized placement of about 250 million ordinary shares at AU$0.12 apiece to raise about AU$30 million, according to a Wednesday filing with the Australian bourse.
Proceeds will be used to establish operational headquarters and manufacturing facilities in Alabama, US, optimize capital equipment and processes, and for general working capital.
Shares under the first tranche of the placement totaling AU$17.2 million will settle on Oct. 21 and be issued Oct. 22. Shares under the second tranche worth AU$12.8 million are subject to shareholder approval at an annual general meeting to be held Nov. 29, with settlement slated on Dec. 3 and allotment on Dec. 4.
Shaw and Partners acted as lead manager and sole book-runner to the placement. Gleneagle Securities (Aust) and Peloton Capital were co-lead managers.
Titomic shares rose 5% in recent trade.
Price (AUD): $0.14, Change: $+0.0070, Percent Change: +5.19%
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