The Xtek Ltd (ASX: XTE) share price has fallen sharply today after it successfully completed a significantly oversubscribed placement to institutional and sophisticated investors.
In afternoon trade the shares of the homeland security products and services provider are down 11% to 49 cents.
Although its shares have fallen, they are still trading above the placement issue price of 46 cents.
Xtek has so far raised $3 million, with a further $0.5 million expected to be raised via a share purchase plan.
The funds will be used for its XTclave commercialisation, XTatlas technology development, and also to allow it to pursue more and larger contracts in the future.
Although largely flying under the radar for many investors, the company's shares have been on a tear this year and risen over 50%.
Here's why one Motley Fool contributor is excited about its future growth prospects.
