Australian hi-tech company Micro-X (ASX:MX1) has raised $6.2 million through a placement of new shares at 8 cents per share to sophisticated and professional investors.
The placement, which represents no discount to the last traded price on Dec. 15 and a 4.9% discount to the 10-day volume-weighted average price, includes a $3 million commitment from security development partner Billion Prima, increasing its shareholding in Micro-X to 8.6% and granting the right to nominate a director to the board.
Micro-X Chairman Patrick O’Brien has also committed $200,000, subject to shareholder approval.
The funds will support commercial expansion in medical imaging, manufacturing scale-up for the Rover mobile X-ray units, productisation of the Head CT, and the upcoming Billion Prima baggage and parcel scanner.
CEO Kingsley Hall said the capital raising positions Micro-X to accelerate sales momentum, expand production capacity, and strengthen partnerships in both health and security markets.
The placement shares are expected to be issued on or around Dec. 23.
At the time of reporting, Micro-X's share price was $0.087.