VEEM Raises AU$14 Million via Share Placement; Shares Reach All-Time High

MT Newswires Live

Sep 30

VEEM (ASX:VEE) completed a AU$14 million placement through the issue of 10.8 million new shares at AU$1.30 apiece, according to a Tuesday filing with the Australian bourse.

The Miocevich family, the company's largest shareholder, subscribed for AU$1 million under the placement, subject to shareholder approval, while Perennial Value Management subscribed for AU$2.7 million, the filing said.

Proceeds will be used to support growth in the defense sector, working capital, and the balance sheet.

Additionally, the company secured a nine-year manufacturing license agreement with US defense and security firm Northrop Grumman, with an initial value of $33 million, per the filing.

VEEM shares rose 24% in morning trade on Tuesday and earlier reached an all-time high.

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