WA based composites manufacturer Quickstep Holdings has announced that it will raise $17.7 million to fund the expansion of its production facilities to meet a new contract to produce parts for the F-35 Joint Strike Fighter.
The company plans to raise $17.73m in both a share purchase plan and a placement to institutions and sophisticated investors. The share purchase plan will open on December 14 and close on January 6, while the shares will be issued from January 15.
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Quickstep says it will use the funds raised to acquire equipment for its North Coogee production facility. The company signed a memorandum of understanding with Marand Engineering and Lockheed Martin in November, which is expected to turn into a long term production agreement by March 2010 to produce 21 parts for the JSF.
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