Micro-X Limited (ASX:MX1) Announces $6.0M Capital Raising
Capital Raising Details
Micro-X Limited (ASX:MX1) has initiated a $6.0 million capital raising through a combination of a $2.0 million placement to institutional and sophisticated investors and a $4.0 million entitlement offer. The entitlement offer provides eligible shareholders the opportunity to apply for 1 new share for every 10 existing shares at an issue price of AUD $0.07 per new share. Directors and key management have committed $0.3 million to the placement, subject to shareholder approval.
Strategic Partnership
As part of the capital raising, Billion Prima Sdn Bhd has made a strategic investment of $2.4 million at AUD $0.09 per share, acquiring approximately 4.4% of Micro-X. This partnership aims to commercialise Micro-X’s NEX Technology by launching the world’s first baggage and parcel scanner within the next twelve months. Additionally, the partnership includes $3.2 million in milestone payments contingent upon successful commercialisation.
Future Outlook
The raised funds will strengthen Micro-X’s balance sheet, enabling the company to focus on its core strategy in medical imaging. Key initiatives include advancing the Rover Plus mobile X-ray unit, commencing human imaging trials for the Head CT unit in Australian hospitals, and initiating design work for the next-generation Full Body CT scanner under a $25 million contract with ARPA-H. Micro-X also plans to monetise its security applications through strategic partnerships, further supported by the investment from Billion Prima.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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