- Metal 3D printing specialist AML3D (AL3) is raising $3 million to expand its presence in the US
- The company has received commitments from sophisticated investors for the placement of 41.67 million shares at 7.2 cents per share to raise the funds
- AML3D will use the money to establish itself at key additive manufacturing bases in the US to service the US Navy and other tier-one clients
- The placement follows the company’s entry into the US defence industry through a $1 million sale of the ARCEMY ‘X-Edition 6700’ system to BlueForge Alliance
- AL3 shares are up 20.48 per cent to trade at 10 cents at 1:23 pm AEDT
Metal 3D printing specialist AML3D (AL3) has announced a $3 million placement to expand its business in the US.
The company has received firm commitments for the placement, under which it will issue up to 41.67 million shares to sophisticated investors.
Shares will be priced at 7.2 cents, representing a 23.8 per cent discount to AL3’s 15-day volume-weighted average price.
AML3D will use the money to establish its presence at key US additive manufacturing bases such as Knoxville, Tennessee, and Danville, Virginia, to service the US Navy and other tier-one clients.
As part of this, the company will form a US-based sales team to identify distributors and resellers to create a channel sales model for its ARCEMY product line.
The placement follows AML3D’s entry into the US defence industry through a $1 million sale of the ARCEMY ‘X-Edition 6700’ system to BlueForge Alliance.
AL3 CEO Ryan Millar said he looked forward to implementing the renewed growth strategy and creating long-term value.
“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,” Mr Millar said.
The placement is scheduled for completion on February 13.
AL3 shares were up 20.48 per cent to trade at 10 cents at 1:23 pm AEDT