MST metal storm limited

sales must be close, page-5

  1. 20,536 Posts.
    lightbulb Created with Sketch. 1833
    I'm not sure whether this is the same Robert Rivero they mention below?
    Robert Rivero
    Independent Management Consulting Professional
    Greater Los Angeles Area
    Industry
    Management Consulting

    Robert Rivero’s Contact Settings
    Interested In:
    · consulting offers
    · new ventures
    · expertise requests
    · reference requests


    http://www.tradingroom.com.au/apps/view_breaking_news_article.ac?page=/data/news_research/published/2009/10/295/catf_091022_170400_2163.html
    Metal Storm secures $38 million through debt, equity issue
    Stocks to watch

    AMC, AMP, AIO, AUN, BKL, MST, NCM, PPT, PPX, PET, STO, TEN,
    SYDNEY, Oct 22 AAP
    October 22 2009, 5:04PM

    Weapons developer Metal Storm Ltd says a $US35 million ($A37.65 million) capital injection from a foreign investor will help assure the production of its first weapon.
    The Brisbane-based company confirmed on Thursday it had reached agreement with Assure Fast Holdings Ltd (AFHL) to issue one billion new fully paid shares and 100 million options in exchange for $US17.5 million ($A18.83 million).
    If the equity issue receives shareholder approval AFHL will also lend Metal Storm a further $US17.5 million, under terms yet to be finalised.
    AFHL will pay 1.676 cents per Metal Storm share, less than the 2.6 cents it traded at before Thursday's announcement.
    Metal Storm shares rose 84.6 per cent after the announcement, adding 2.2 cents to close at 4.8 cents.
    Metal Storm chairman Terry O'Dwyer said AFHL intended to be a long term, passive investor.
    AFHL chairman Robert Rivero was enthusiastic about Metal Storm's weapon technology, he said.
    "Mr Rivero has offered great support to the company in the capital injection and further intends to assist the company to market into the Asia Pacific region where AFHL knows the market well," Mr O'Dwyer said in a statement.
    "This will be a positive extension of the relationships that Metal Storm already has in the US, which we see as being even more important and achievable."
    Metal Storm had been seeking funding to continue its development of projectile launchers.
    Chief financial officer Brett Farmer said the company's three-shot semi automatic grenade launcher, or 3GL, should be able to reach completion with the new funds.
    "We've got to a stage where we've qualified the 3GL as safe for man firing, its now just qualifying the rest of the way to meet military standards," Mr Farmer told AAP.
    "If $90 million got it that far, $US35 million should take us a long way towards completing that, if not fully completing it."
    The agreement with AFHL was reached in Hong Kong after talks with it and its bank, Royal Bank of Scotland.
    The equity issue will occur in two tranches, with the first 110 million shares to be subscribed on November 3.
    The second tranche of 890 million shares and the options, is subject to shareholder approval, with meetings to be scheduled as soon as possible.
    By Drew Cratchley
 
Add to My Watchlist
What is My Watchlist?
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.