06 May 2011
06 May 2011
Quickstep has secured approximately AU$17.3 million through a Convertible Note Facility with US financier, La Jolla Cove Investors, Inc., together with a share placement to sophisticated and professional investors.
Quickstep has entered into the agreement for the issue of convertible notes to the value of US$15 million (approximately AU$14.0 million on current exchange rates) to US-based small-cap financier, La Jolla Cove Investors, Inc. (""La Jolla"") along with a share placement to sophisticated and professional investors of AU$3.3 million at AU$0.32 per share, including La Jolla and Washington H Soul Pattinson & Co, its largest shareholder.
Mr Mark Jenkins, Quickstep's Chairman, said that ""the Company believes that it needs a mixture of short, medium and long term facilities to meet its financing needs. We have therefore raised AU$3.3 million in immediate equity; US$15 million in medium term equity, to be drawn down over a period of time; and we are currently negotiating a debt facility to support the ongoing needs of our JSF production project. In addition, the NSW Government has, as previously announced, agreed to provide a grant to the Company to assist us to set up our new facility in that State.
The funds are slated for the completion of the move to Boeing's former Bankstown facility; preparation and start of production under the Memorandum of Understanding signed in November 2009 with Northrop Grumman/Lockheed Martin and Marand/Bae Systems, covering 22 years and some AU$700 million of production and commercialisation; and further development of the Quickstep Process for use in the global automotive and aerospace industries.
Managing Director of Quickstep, Mr Philippe Odouard, added ""We are confident that our position as the largest independent aerospace composite manufacturer in Australia puts us in an outstanding position to win further substantial defence contracts as demonstrated by the recent signing of the Memorandum of Understanding with Sikorsky.""
On the subject of the Quickstep Process, Quickstep said that they continue to have confidence that the process will play an important and profitable role in the aerospace industry, where they continue to work with global aerospace companies to demonstrate and introduce the benefits of the process.
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