Cold spray additive manufacturing company Titomic shares were in a trading halt on Tuesday morning, with the ASX publishing a statement at 9:10 am saying the pause will last until either the beginning of Thursday or an announcement is made.
The Australian Financial Review’s Street Talk column reports that Titomic has enlisted PAC Partners to raise $4 million to cover “sales growth and expansion of machine assembly operations, investment to support [joint] ventures and to expand capabilities for Titomic USA.”
According to the article, the offer price per share is 16 cents, a 20 per cent discount on share prices at the last close, and the placement was led by “an existing strategic investor” committing to a minimum $2.1 million of the raise.
Titomic began selling a D523 model printer for transport and industrial machinery repairs this year, adding a D623 medium-pressure cold spray printer this month for depositing harder metals.
At its annual meeting in August, the company highlighted progress made in the preceding 12 months in diversifying into strategic investor partnerships, joint ventures, and the acquisitions of Dycomet Europe and Tri-D Dynamics USA.
Picture: credit Titomic