Sprintex (ASX:SIX) has raised $3.6 million through the early exercise of options and a share placement to strengthen its balance sheet and fast-track work with Mest Water.
The capital raising included 16.3 million options exercised at $0.10 per option, a 17.6% premium to the company's last traded price, raising $1.6 million, alongside a placement of 26.7 million new shares at $0.075 per share to raise $2 million.
The placement was cornerstoned by Hong Kong-based MWP Partners and supported by existing shareholders, reflecting continued investor confidence.
Proceeds will be used to repay legacy loans totaling over $1.8 million and support growth initiatives following a €15.6 million initial production order from Mest Water, Sprintex’s largest contract to date.
Executive Chairman Steven Apedaile said the funding "strengthens the balance sheet while enabling Sprintex to accelerate execution and expand technology adoption across Europe and other key markets."