AML3D (ASX:AL3) has announced a successful Placement to a range of Sophisticated Investors, raising $3m before costs.
The funds will be used to expand AML3D's US presence, following their sale of the ARCEMY® ‘X-Edition 6700’ system to the US Department of Defence, and to invest in ARCEMY® platform software development.
The Placement shares will be issued at a 23.8% discount to the volume-weighted-average-price (VWAP) of the Company’s shares on the ASX over the 15 days prior to the trading halt announcement.
The funds will be used to establish a presence at key US bases, form a US sales team, and invest in ARCEMY® platform software development.