XTEK Launches $7.7m capital raise
- XTEK (XTE) is looking to raise up to $7.7 million through a placement and entitlement offer
- The company went into a trading halt on September 30 but hadn’t disclosed how much it would raise how it would spend the funds
- Around $2.7 million is being raised through an institutional placement to investors at 26 cents per share
- The other $5 million is being raised through a partially underwritten non-renounceable entitlement offer which will follow the placement
- The company plans to use the money to develop and expand its product range and for working capital
- Company shares are down 17.8 per cent to trade at 30 cents at 3:09 pm AEDT
