Alexium Raises USD$6.675m (AUD$8.45m) through Institutional Placement led by New York based Maxim Group LLC Perth, Western Australia, and Greer, SC; Alexium International Group Limited (ASX: AJX) (OTCQX: AXXIY) has raised USD$6.675 million (AUD$8.45 million) via the issue of 13 million shares at AUD$0.65 to new institutional investors in a private placement with Maxim Group LLC in New York. The participation by US institutional investors represents significant recognition of Alexium's strong US operating presence, ongoing programs with the US Government Department of Defense (US DoD) and substantial US and global market opportunities for the company's proprietary flame retardant chemicals. The 13 million ordinary shares are issued together with warrants on a 6 for 10 basis, at an exercise price of AUD$0.75 with a three year exercise period. Demand in the US and Australia was well in excess of the placement shares offered. Maxim Group LLC acted as lead placement agent for the US placement, and Foster Stockbroking Pty Ltd acted as co-placement agent in Australia for local institutional investors.
AJX Price at posting:
37.0¢ Sentiment: Buy Disclosure: Held
