AgFin Australia

Titomic raises $30m for cold spray technology

Titomic Limited (ASX:TTT) has announced the completion of an equity placement, raising $30m to fund its expansion into the United States. The placement, priced at $0.12 per share, garnered strong support from both existing and new investors, prompting the company to increase its initial target from $25m.

The funds will primarily support the establishment of operational headquarters and manufacturing facilities in Huntsville, Alabama, as well as capital equipment and process optimisation.

Titomic is recognised for its innovative cold spray technology, which involves the high-velocity deposition of metal powders onto surfaces, creating strong, durable coatings without the need for melting. This technology is particularly important for industries requiring high-performance materials, including aerospace and defence.

“This highly successful equity placement marks another significant milestone for Titomic,” stated Dag WR Stromme, Executive Chairman. “Investor demand exceeded our expectations, allowing us to upsize the offering, which positions us well for growth in the US market.”

The placement will result in the issuance of approximately 250 million new fully paid ordinary shares, representing 24.2% of Titomic’s existing capital. The first tranche of $17.2 million is fully committed, while the second tranche of $12.8 million is subject to shareholder approval at the upcoming Annual General Meeting.