Quickstep raises more than $10 million from shareholders

Composites manufacturer and technology developer, Quickstep Holdings (ASX: QHL), has raised at least $10 million from shareholders through a placement and an expanded share purchase plan.

The company, which develops composites production technology and makes aerospace parts including for the F-35 Lightning fighter, will use the funds to strengthen its balance sheet and accelerate expansion.

The company announced it has raised $10.625 million through a placement to sophisticated and institutional investors, at an issue price of .085 cents a share.

This is a nine per cent discount to the recent average price.

The company will also offer eligible shareholders the opportunity to participate in a Share Purchase Plan (SPP) to acquire up to $15,000 worth of shares at an issue price of $0.085 per share.

Quickstep’s Managing Director, Mr Mark Burgess, said: “Quickstep continues to make outstanding progress in its operational and financial performance.

“We are addressing significant new business opportunities that require a stronger balance sheet which provides the headroom for growth.”

Picture: Quickstep autoclave

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