Metal Storm raises $3.1m in rights issue

Metal Storm raises $3.1m in rights issue

Defence technology company Metal Storm (ASX:MST) has announced that is $3.1 million rights issue had been oversubscribed.

The company said it had received subscriptions and commitments for $4.1 million, which is more than the $3.1 million provided for in the rights issue prospectus.

The company said it did not have the ability to issue shares and options to take advantage of the oversubscription without shareholder approval.

The proceeds from the rights issue will be used to repay loans, undertake R&D enhancements and for marketing and business development.

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Tags defencerights issueMetal StormASX:MST

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