Titomic completes $50m share placement
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The news: Metal manufacturing specialist Titomic has completed a share placement with institutional and sophisticated investors to fund further global expansion.
The numbers: The $50 million raise was completed by issuing 201.4 million new fully paid ordinary shares at 25 cents each.
This constitutes a 3.8% discount to Titomic’s last close price on 23 July of 26 cents per share and a 7.7% discount on the five-day volume-weighted average price of 27 cents.
A further $350,000 conditional placement with Titomic directors is subject to approval at the next annual general meeting, to be held by 28 November.
The context: Titomic’s metal cold spray technology is used in the manufacture of parts, repairs and application of metal coatings without heat.
The company services and delivers its additive manufacturing systems to several industries including aerospace, automotive, defence and mining.
In early June, the company opened a 59,000 square foot facility in Huntsville, Alabama. Titomic is also progressing work with Boeing and Northrop Grumman and has provided demonstrations to the US military.
In the June quarter, Titomic completed its 50th cold spray repair for a major Australian rail operator that was first engaged in February 2024.
