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XTEK granted trading halt with capital raising news pending

The company’s securities will be in a trading halt until Wednesday, July 17, or when an announcement is made to the market.

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TXTEK provides solutions for military forces and government agencies through its proprietary technologies

XTEK Ltd (ASX:XTE) has been granted a trading halt by the ASX with a capital raising announcement pending.

The halt will remain in place until the beginning of trade on Wednesday, July 17, 2019, or when an announcement is made to the market, whichever occurs earliest.

XTEK's securities last traded on Friday morning at 46 cents.

READ: XTEK wins SICP grant to fund commercial-scale production plant development for XTclave technology

The company recently signed a $1 million grant agreement from the Centre of Defence Industry Capability (CIC) for a Sovereign Industrial Capability Priority (SICP) grant on behalf of the Department of Defence.

The SICP grant provides funding to support Australian small-to-medium enterprises in supplying capabilities that are critical to defence.

Funds will go towards total project expenditure to establish the production plant, machinery and other line equipment for XTEK’s proprietary XTclave technology.

READ: XTEK partners with Skykraft to develop small spacecraft and launcher systems

XTEK has also entered into a Memorandum of Understanding (MoU) with Skykraft Pty Limited for the development and potential manufacture of small spacecraft and launcher systems.

Under the MoU, XTEK and Skykraft will work together to co-engineer spacecraft and launcher structures as well as identify opportunities for the supply of these structures out of XTEK’s patented XTclave production facility.

Quick facts: XTEK Ltd

Price: 0.7 AUD

ASX:XTE
Market: ASX
Market Cap: $36.91 m
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