- Silex Systems (SLX) raises $7 million through a share purchase plan (SPP)
- The tech developer says it received more than 1000 applications totalling $18 million
- SLX will move to scale-back the applications and refund excess funds shortly
- CEO and managing director Michael Goldsworthy says Silex is well-funded to pursue its technology commercialisation programs over the next few years
- Shares in Silex Systems were down 2.48 per cent $1.38 at the close of trading on Wednesday
Technology researcher and developer Silex Systems (SLX) has completed a share purchase plan (SPP) to raise $7 million.
Based in New South Wales, the company’s primary asset, SILEX laser enrichment technology, was developed for uranium enrichment.
Its recent SPP closed on October 22 and received more than 1000 applications totalling around $18 million — well in excess of the company’s $7 million target.
Under the plan, which followed a $33 million placement earlier in the year, eligible shareholders were invited to subscribe for up to $30,000 worth of ordinary shares in SLX at $1.31 each, subject to any scale-back.
In light of the strong demand shown by investors, the company said it would scale-back submitted SPP applications.
Accordingly, it said the majority of applicants were set to receive a minimum application amount of $2000, with the remaining application amount to be allocated on a proportional basis thereafter, based on the size of the applicant’s shareholding at the record date.
Silex’s Managing Director and CEO Michael Goldsworthy said the company appreciated the strong support shown by shareholders.
“We are now well-funded to vigorously pursue our SILEX uranium and silicon technology commercialisation programs over the next few years and to seize any opportunities to accelerate our plans,” he said.
“We are excited with the bullish outlook for the uranium industry and the momentum building in the silicon quantum computing sector.”
Shares under the SPP will be issued to applicants on October 29 ahead of trading commencing November 1.
Following the transaction, SLX will have around 205 million total shares on issue.
Shares in Silex Systems were down 2.48 per cent $1.38 at the close of trading on Wednesday.