AdvanceTC completes successful Private Capital Raise
Sydney, Sep 27, 2022 AEST (ABN Newswire) - AdvanceTC Ltd (ATCLF:OTCMKTS) (NSX:A88) is pleased to announce that the Company has successfully concluded a private placement of convertible promissory notes in the original principal amount of US$500,000 as part of its private capital raise, which was led by investment bank, EF Hutton.
The proceeds from the capital raise will be applied to an initial commercial production of Xplore X7U, and preproduction of the Xplore X6 Mini. These products mark the Company's first significant entrants to the satellite and space communications sector, cementing AdvanceTC as a serious contender in this rapidly growing industry.
In connection with the successful raise, the Company has lodged its half-yearly audit results and is continuing its process to access the US Capital markets, under the guidance of the Company's US-based advisors and investment bank EF Hutton.
About AdvanceTC Limited
AdvanceTC is a premier technology company specializing in the design and development of mobile telecommunication and computing devices. AdvanceTC is listed on NSX Australia (NSX:A88). More information on the company can be found at www.advancetc.com