Join our daily newsletter At The Bell to receive exclusive market insights
- 3D printing manufacturer Amaero International (3DA) places its shares in a trading halt pending an upcoming capital raising
- The company will remain in the halt until Thursday, May 12, or when an announcement with further details is released to the market
- In its March quarterly, Amaero revealed it has burnt through nearly $1.4 million with the majority going towards administration and corporate costs
- The company ended the quarter with 1.9 quarters of available funding, however, it hasn’t fazed 3DA as it’s in discussions with investors and partners to raise further funds
- Shares in Amaero last traded at 21 cents on May 9
3D printing manufacturer Amaero International (3DA) has placed its shares in a trading halt pending an upcoming capital raising.
The company will remain in the halt until Thursday, May 12, or when an announcement with further details is released to the market, whichever occurs first.
Amaero is yet to disclose how much it intends to raise or what it will use the funds for once received.
In its March quarterly report, Amaero revealed it had burnt through nearly $1.4 million with the majority going towards administration and corporate costs as well as research and development.
The company ended the period with $2.65 million in total available funding, representing 1.9 quarters of use if spending levels remain the same.
This didn’t faze Amaero as it stated it is in discussions with potential investors and strategic partners to raise further funds.
Amaero last tapped investors for cash in December 2020 when it undertook a $9 million share placement.
The funds were raised through the issue of roughly 16.36 million fully-paid ordinary shares to institutional and sophisticated investors at 55 cents.
Amaero also raised $4.82 million via a share purchase plan which saw eligible shareholder subscribe for up to $30,000 worth of shares.
The money from both the placement and share purchase plan was used for equipment purchases, capital expenses, research and development, and working capital.
Shares in Amaero last traded at 21 cents on May 9.
