Stockmarket high sparks capital raisings

Manufacturers are using the current high level of the stockmarket to raise fresh capital for what remains a very uncertain business environment.

Today both welding technology company K-TIG, and lithium-ion battery technology firm Magnis Energy Technologies announced successful raisings.

K-TIG, which is commercialising a CSIRO high speed precision welding technology, has received binding commitments to raise $5.6 million in equity via a share placement to institutional and sophisticated investors.

The proceeds, after costs, will be used to accelerate growth, to develop new strategic partner alliances, for R&D and ongoing capital requirements.

Chairman Stuart Carmichael said the raising would accelerate its strategy in the stainless steel, defence and nuclear sectors.

Meanwhile Magnis, which is developing proposals for new a $2 billion, 18GWh lithium-ion battery cell gigafactory in Townsville, raised $7.65 million.

The raising was from new and existing investors and shareholders, including executive director James Dack, will be used to progress the Townsville proposal, and a similar one in New York.

Picture: K-TIG

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