AML3D to Raise AU$30 Million via Share Placement; Shares Down 9%

MT Newswires Live11-22 10:48

Technology company AML3D (ASX:AL3) is set to raise AU$30 million via the placement of around 157.9 million shares at AU$0.19 apiece, according to a Friday filing with the Australian bourse.

In tranche one, 94.2 million shares will be issued to raise up to AU$17.9 million, while the remaining 63.7 million shares will be issued in tranche two to raise up to AU$12.1 million, subject to shareholder approval, the filing said.

Proceeds will be used to expand the company's US Technology Center's manufacturing capacity, capitalize on anticipated demand from the US defense sector for its additive manufacturing technology, and other opportunities, according to the filing.

Shares fell nearly 9% in afternoon trade Friday.

Price (AUD): $0.21, Change: $-0.02, Percent Change: -8.70%

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