AML3D (ASX:AL3) raises $2.68m through private placement

• Metal additive manufacturing specialist AML3D (AL3) raises $2.68 million via a share placement to support its tech development and growth plans
• The company will issue roughly 37.6 million shares at 7.14 cents per share to sophisticated investors — a 10 per cent discount to its 14-day volume-weighted average price
• AML3D says it will use the money to accelerate growth, build its existing development team and sales and marketing pipeline, and continue enhancing its technology
• The company is also progressing with a board restructure and expansion of its senior executive team
• Shares in AML3D are down 11.3 per cent and are trading at 7.1 cents at 1:15 pm AEST

Metal additive manufacturing specialist AML3D (AL3) has raised $2.68 million via a share placement to support its tech development and growth plans.

Under the placement, AML3D will issue roughly 37.6 million shares at 7.14 cents per share to sophisticated investors — a 10 per cent discount to the company’s 14-day volume-weighted average price.

The placement is expected to settle on July 15, with shares to be issued on July 18.

AML3D said it would use the money to accelerate growth, build its existing development team and sales and marketing pipeline, and continue enhancing its technology.

The placement follows AML3D recently signing two landmark supply agreements with Boeing and ExxonMobil.

“The growth momentum in the business is building and, coupled with the recent agreements with Boeing and ExxonMobil, the volume of commercial opportunities currently being explored and assessed is expanding at a rapid pace,” AL3 Chairman Sean Ebert said.

“These developments clearly reaffirm and support AML3D’s confidence in its growth strategies and trajectory.”

AML3D is also progressing with a board restructure and expansion of its senior executive team.

Shares in AML3D were down 11.3 per cent and were trading at 7.1 cents at 1:15 pm AEST.