Laser technology developer Silex Systems has raised $120 million from an institutional placement after receiving strong support from local and international investors.
In an ASX announcement, Silex said it plans to use the funding to accelerate the commercialisation of the Silex laser enrichment technology, focusing on significant strategic market opportunities in uranium production and enrichment, Zero-Spin Silicon, and medical isotopes.
Silex has been collaborating for years with US-based exclusive licensee Global Laser Enrichment to develop its technology for uranium enrichment.
The ASX-listed company said it is also at various stages of development for additional commercial applications of the Silex technology, including the production of Zero-Spin Silicon for the emerging technology of silicon-based quantum computing.
Michael Goldsworthy, chief executive officer and managing director of Silex, said the capital raised from the placement highlights a value-accretive acceleration in the company’s various technology commercialisation activities amid an increasing drive towards improving the security of the global nuclear fuel supply chain.
“We are delighted with the very strong support for the Placement from a broad range of high quality, domestic and international funds. This is an exciting and transformational juncture in our Company’s development,” Goldsworthy said.
New ordinary fully paid shares issued under the placement will rank equally with existing Silex ordinary shares on the issue.
Allotment of new issues is expected to take place on 7 March, simultaneous with the start of trading of the new shares on the ASX.
The company said it is offering eligible shareholders the opportunity to acquire up to $30,000 in new shares in the non-underwritten share purchase plan to raise up to a further $20 million.
