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Metal Storm agrees on foreign equityOctober 20, 2009 - 10:04AM
AAP

Metal Storm Ltd says it has reached agreement with an overseas investor about an equity investment in the defence technology company and has requested a trading halt in its shares to allow time for a payment to proceed.

"Metal Storm has reached agreement with an overseas investor regarding the terms of an equity investment in the company," it said in a statement on Tuesday.

"Metal Storm is awaiting receipt of the first payment under the agreement, which is due to be received by tomorrow, Wednesday.

"Metal Storm seeks the trading halt to allow time for the payment to be received by the company given the differing time zones between the countries."

In August, the company reported a net loss of $7.38 million for the first half of calendar 2009, largely due to finance expenses and said it was seeking further funding to continue its operations.

Metal Storm had in June raise $2.6 million from a share purchase plan.