AML3D (ASX:AL3) announced the successful completion of a two-tranche institutional placement (“Placement”) to sophisticated investors, raising approximately $30 million. The Placement will see around 157.9 million new fully paid ordinary shares in AML3D issued at a price of $0.19 per share.
- The Placement was strongly supported by both existing AML3D shareholders and new institutional investors
- The Placement proceeds will be used to:
– More than double manufacturing capacity at AML3D’s US Technology Centre
– Establish a facility in the European market
– Continue to develop AML3D’s software and technology to maintain its competitive advantage
– Accelerate US, Australian and global growth opportunities.
The Placement received overwhelmingly strong support from both existing shareholders as well as a host of new institutional investors, with demand to participate well in excess of the quantum of new capital sought by the Company.
Some of the new equity will fund investment in increased manufacturing capacity in the US, as AML3D continues to snare contracts from targeted tier 1 clients, headed by the US Department of Defense.
The proceeds of the Placement will also help AML3D advance other facets of its growth plans. These include the delivery of an expanded geographic footprint, aided by the establishment of a Europe-based facility that will give the Company even stronger leverage to the still evolving AUKUS defence agreement. The new capital will also bankroll investment in ongoing development of AML3D’s software and technology, which will help the Company protect its ‘best of breed’ status in the specialised advanced additive manufacturing solution market segment.
AML3D’s Chief Executive Officer, Sean Ebert, commented: “The completion of this A$30 million capital raising provides AML3D with the funds to scale up our US operations to maximise this opportunity. The Placement also allows us to accelerate development of our software and technology to maintain our market leading position in additive manufacturing, to maintain our competitive advantage and drive growth and value creation for our new and existing shareholders.”
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