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.