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SPRINTEX LIMITED — Capital/Financing Update 2010
Nov 15, 2010
65799_rns_2010-11-15_51a6822a-d821-4dc2-b411-584b7666b2df.pdf
Capital/Financing Update
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AUTOMOTIVE TECHNOLOGY GROUP LIMITED ABN: 38 106 337 599
16 November 2010
Company Announcements Australian Stock Exchange 20 Bond Street SYDNEY NSW 2000
ENTITLEMENT ISSUE CLOSURE AND SHORTFALL NOTIFICATION
Automotive Technology Group Limited (ASX Code ATJ) advises that the recent Entitlement Issue closed on 11 November 2010. The results of the Entitlement Issue are as follows:
| Total number of Shares on offer: | 227,711,866 |
|---|---|
| Number of Shares validly applied for: | 104,105,976 |
| Number of applications received: | 76 |
| Shortfall: | 123,605,890 |
The Directors of ATG are very pleased with the response to the Entitlement Issue, as the funding necessary for ATG to enter the next phases of its development has been secured. This phase involves inventory being increased in order for ATG to sell the series of supercharger systems which ATG has developed. The goal of the current phase of development of the Company is for profitability to be achieved.
The Shortfall may be placed pursuant to the Entitlement Issue offer document, and the Company is in discussion with a number of prospective investors in this regard. This further funding will allow ATG to continue the inventory build necessary to accelerate sales and also fund capital expenditure required to support a planned increase in production.
Kind regards
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Jay Stephenson COMPANY SECRETARY
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73 RESOURCE WAY MALAGA WESTERN AUSTRALIA 6090 PO BOX 3348 MALAGA DC WESTERN AUSTRALIA 6945 Phone: +61 8 9262 7222 Fax: +61 8 9262 7288 Email: [email protected] URL: www.ATGgroup.com.au