K-TIG Limited (K-TIG) announced that it has received binding commitments to raise USD 4M (before costs) in new equity via a fully committed share placement to institutional and sophisticated investors (Placement). The Placement price of USD 0.35 represents a 6.66% discount to the last traded price of USD 0.375 and a 4.38% premium to the 15-day VWAP. The Company advised that it will be utilizing the Company’s existing placement capacity, with 11,000,000 shares to be issued under LR 7.1.
The shares to be issued under the Placement will rank equally with existing shares on issue in the Company.
Net proceeds from the Placement will be used to accelerate the growth strategy in nuclear and defense, new strategic partner alliances to increase market penetration, R&D and for ongoing working capital requirements.
