- 3D printing company Titomic (TTT) secures firm commitments to undertake a $9 million share placement
- Approximately 34.6 million shares will now be issued to sophisticated, professional and institutional investors at 26 cents
- Titomic will also be undertaking a share purchase plan to raise a further $2 million with participants able to subscribe for up to $30,000 worth of shares
- Money from both the placement and share purchase plan will be used to accelerate the commercialisation of joint ventures and establish offshore sales and operational facilities
- Shares in Titomic are steady on the market and are trading at 29 cents at 1:30 pm AEDT
3D printing company Titomic (TTT) has secured firm commitments to undertake a $9 million share placement.
The company entered a trading halt on October 13 but did not disclose how much it intended to raise or what it would use the funds for once received.
Approximately 34.6 million shares will now be issued to sophisticated, professional and institutional investors at 26 cents.
This price represents a 10 per cent discount to Titomic’s closing price of 29 cents and a 15 per cent discount to the five-day volume-weighted average price.
Participants will be issued one attaching option for every one share subscribed for, exercisable at 40 cents with a two-year expiry.
These attaching options will carry bonus options so that on exercise, a further option will be issued for every two attaching options exercised, with expiry on June 30, 2024, and expiry at 60 cents.
Titomic will also undertake a share purchase plan to raise a further $2 million.
Eligible shareholders will be able to subscribe for up to $30,000 worth of shares, which will be priced the same as the placement at 26 cents, without incurring any brokerage or transaction costs.
Should more than $2 million be raised, Titomic Directors have the right to scale back or refuse applications.
The plan will open on October 25, close on November 12 and shares are expected to be issued on November 18.
Titomic will use the money from both the placement and share purchase plan to accelerate the commercialisation of joint ventures and establish offshore sales and operational facilities.
Chairman Andreas Schwer is pleased with the support received.
“The need for Titomic’s technology is growing as the manufacturing industry undergoes major structural shifts with companies reducing product development timelines and re-examining production methods,” Mr Schwer said.
“3D printing is likely to either completely replace traditional specialised component manufacturing or become an additional production technology for aerospace and defence components needed in faster design and production schedules and with faster manufacturing and replacement times.”
Titomic was steady on the market with shares trading at 29 cents at 1:30 pm AEDT.