Sprintex Ltd (ASX:SIX) has taken total recent capital raising efforts to more than $1.49 million after closing a share purchase plan (SPP) for a further $164,000.
These funds will enable the company to accelerate the rollout of its fuel cell electric compressor and industrial blower ranges.
The SPP will see 4.1 million new fully paid ordinary shares in the company issued and this is scheduled to occur on August 10, 2023.
READ: Sprintex gains $1.3 million boost to accelerate rollout of e-compressors and industrial blowers
This complements the company’s placement last month to existing substantial shareholders, directors and professional and sophisticated investors which raised around $1.33 million.
An initial tranche of shares associated with the placement was issued on July 20, 2023, representing funds of $925,000.
Issue of the remaining placement shares, representing $405,000, is anticipated to occur on or around September 5, 2023, subject to the receipt of shareholder approvals at a general meeting scheduled for September 4, 2023.
SPP options
SPP applicants will also receive attaching options on a one-for-two basis, exercisable at $0.10 on or before June 30, 2025.
This component is subject to the receipt of shareholder approval at the general meeting scheduled for September 4, 2023.
Sprintex will seek to place the SPP shortfall of 15.9 million shares and 7.95 million free-attaching options, subject to shareholder approval.
“Interest growing rapidly”
At the time of the placement, Sprintex managing director Jay Upton said: “We are delighted to move forward to volume production of our exciting new product ranges and particularly the wastewater aeration units, which we expect to carry the company to profitability in FY2024.
“Since recapitalising the company some three years ago, significant R&D, engineering, prototyping and testing has been undertaken to develop a suite of compressor platforms which the company believes are the most efficient in the world, in addition to being the lightest and most durable.
“The company is now ready to transition to high production volume to meet expected global demand for its range of e-compressors, fuel cell compressors and industrial blowers.
“Interest is growing rapidly in our products for the developing clean energy sector, but we see faster and more reliable revenue growth for Sprintex in the more mature industrial sector.”