Metal additive manufacturing company AML3D said it raised $3 million through a placement of shares to a range of sophisticated investors.
This follows the company’s recent entry into the US Defence market, with a $1 million sale of its ARCEMY X-Edition 6700 system to BlueForge Alliance.
The capital injection will ensure AML3D continues to expand its presence within the US maritime and defence sectors, with more positive news in the pipeline, the ASX-listed company said in an announcement.
The placements will be issued at $0.072 per share, which means a 23.8 per cent discount to the volume-weighted average price of the company’s shares on the ASX over the 15 days prior to the trading halt announcement.
Approximately 41.7 million new ordinary shares will be issued and will rank side by side with AML3D’s existing ordinary share capital.
AML3D plans to use the funds to establish its presence at key US additive manufacturing bases in Knoxville, Tennessee, and Danville, Virginia, to serve the US Navy and other Tier 1 clients.
The company is also slated to create a US sales team that will identify distributors and value-added resellers, creating a channel sales model for the ARCEMY product line. This would also position the company to enter the massive and high-growth US additive manufacturing market.
Furthermore, AML3D will invest in expanding its software development team and capabilities to meet client requirements for an enhanced ARCEMY platform.
“Completion of a successful Placement will ensure AML3D can comfortably act on our US market growth ambitions and continue to support and expand on strategic partnerships such as our recent opportunity with the US Navy,” said Ryan Millar, chief executive officer at AML3D.
“We intend to scale the company within the massive and growing US additive manufacturing market utilising a fully functional US sales team and key bases in strategic locations. AML3D look forward to implementing our refocused growth strategy and creating long-term value for shareholders,” the CEO added.
