Street Talk
Titomic launches equity raising; PAC Partners on board
Sarah Thompson and Anthony Macdonald
Jul 2, 2019 — 9.47am
3D metal printing company Titomic is seeking a $5 million equity injection to fund its expansion into the United States, the world's biggest 3D printing market.
Melbourne-based Titomic has tapped PAC Partners to manage an institutional placement, which is understood to be cornerstoned by a handful of local fund managers.
Titomic CEO Jeff Lang standing alongside the world's largest metal 3D printer. CITADEL MAGNUS
The shares were offered on Tuesday at $1.70 per share, representing a 16 per cent discount to the last close and a 7 per cent discount to 14-day volume weighted average price, according to terms sent to fund managers,.
Titomic told the market last month that it expects revenue of between $3 million and $5 million up to December 31 2019 from contracts in the aerospace and defence sectors.
"Titomic expects to execute these revenue generating contracts
from the net funds raised from the offer along with establishing
a strong platform to realise significant revenue growth in 2020," the term sheet said.
PAC Partners was calling for bids to be submitted by 9am on Wednesday.
The deal comes as sector gorilla and 3D printing unicorn, Carbon, last month raised more than $US260 million, at a valuation of more than $US2.4 billion.
That funding—Carbon’s Series E and likely its last investment before going public—made the company the highest-valued, venture-backed 3-D printing company at a time when the technology for industrial uses is booming.
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