Manufacturing play Amaero launches raise

afr.com:

Amaero International, a small cap with advanced manufacturing ambitions, was rounding up investors for an $8 million placement via Alpine Capital on Friday morning.

Amareo International was seeking up to $10 million on Friday morning. 

Fund managers were told US-based Pegasus Growth Fund, a private equity investor associated with Amaero’s executive chairman Hank Holland, would cornerstone the raise with a $4 million commitment. In addition to the $8 million ask, there was room for $2 million in oversubscriptions.

Shares were being offered at 16¢ apiece, a 15.8 per cent discount to the last traded price and 28.2 per cent lower than the 15-day volume weighted average price. It included a one-for-one option with a 24¢ strike price and three-year expiry.

Amaero is working on advance manufacturing capability to service clients in defence, aerospace and other industries. It is building a 9300 square metre facility in Tennessee that is eying 1000 tonnes of alloy powders including titanium, niobium and tungsten among others. In the past year, it has relocated its global headquarters and flagship operations to the US where it is chasing government incentives for the critical minerals supply chain.

The company had an $89 million market capitalisation before the raise. Alpine was calling for bids by 5pm AEDT on Friday to return the stock to trading on Tuesday.