Sprintex (ASX:SIX) - Managing Director & CEO, Jay Upton
Managing Director & CEO, Jay Upton
Source: Jay Upton / LinkedIn
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  • Sprintex (SIX) ends the week in a trading halt, pending the release of a capital raising announcement
  • The company will remain in the halt until November 2 or when more details are released, whichever occurs first
  • On October 25, the company entered a three-year agreement with Nanjing RGE Membrane Tech to develop and supply air supply systems for use in China’s water treatment industry
  • Under the agreement, Sprintex will customise and develop stand-alone, high-speed centrifugal air compressors
  • Shares in Sprintex last traded at 8.1 cents on October 28

Sprintex (SIX) has ended the week in a trading halt, pending the release of a capital raising announcement.

The company will remain suspended until November 2 or when more details are released, whichever occurs first.

Sprintex is yet to disclose how much it intends to raise or what it will use the funds for once received.

On October 25, Sprintex entered a three-year agreement with Nanjing RGE Membrane Tech to develop and supply air supply systems for use in China’s water treatment industry.

Nanjing RGE is a China-based specialist water treatment system and water treatment membrane bioreactor company.

Under the agreement, Sprintex will customise and develop stand-alone, high-speed centrifugal air compressors.

Sprintex will supply RGE with at least 400 units over two years, with 100 to be purchased in the first year and 300 in the second.

The contract has a minimum value of RMB30 million (A$6.22 million) over the first two years.

First deliveries are expected to be completed in Q1 2022 with minimum purchase orders applying.

Shares in Sprintex last traded at 8.1 cents on October 28. The company has a $17.33 million market cap.

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