AML3D raises $7 million in shares placement to accelerate commercialisation
October 5, 2020
AML3D Limited, Edinburgh, Australia, reports that it has received firm commitments for a share placement to raise $7 million (before costs) through the issue of approximately 15.5 million shares in the company. The placement was said to be heavily bid, supported by a range of new and existing institutional, family office, sophisticated and professional investors.
AML3D states that it has continued to experience strong demand for its services, with a growing number of customers, across various sectors, progressing towards commercial manufacturing contracts.
With the funds raised from the placement, AML3D will purchase and commission additional production modules to increase its production capacity at its Adelaide, Australia facility to satisfy anticipated upcoming demand. The company also intends to increase its headcount in line with the demands of the business, and it is anticipated that AML3D will employ engineers, designers and manufacturing assistants.
The remaining placement funds (excluding costs) will reportedly be applied to pursue and execute large contracts, which have medium-to-long lead-times.
The company explains that funds raised via AML3D’s IPO have been and will continue to be utilised for facility relocation and expansion (partially complete), the establishment of Singapore facility, R&D initiatives and working capital.
Andrew Sales, AML3D’s Managing Director commented, “We are very pleased with the strong support AML3D has received from new and existing shareholders, who share our vision of deploying advanced, Industry 4.0 manufacturing technologies globally.”
Sales added, “The funds raised from this placement will enable AML3D to accelerate and execute its various business development initiatives, which will provide a platform for further growth and continue to establish AML3D as an industry leader.”