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Matrix Composites & Engineering Ltd (ASX: MCE) has launched a fully underwritten equity raising of $20.2 million, consisting of an institutional placement and a 1 for 2.95 pro-rata accelerated non-renounceable entitlement offer.
The equity raising is designed to strengthen Matrix’s capability to win and execute on its current pipeline and expected future opportunities.
Proceeds from the equity raising will be used to fund expansion across new markets and initiatives, as well as additional performance/warranty bond facilities.