Titomic Limited (ASX:TTT), a manufacturing company specializing in metal additive manufacturing, coatings, and repairs using cold spray technology, has secured commitments for a $16.5 million institutional placement alongside four new US purchase orders worth more than $750,000, according to Mining.com.au. The non-underwritten placement comprises approximately 126.9 million new shares priced at $0.13 each, representing a 23.5% discount to Titomic's closing price of $0.17 on 28 August 2026. The company stated that proceeds will fund additional equipment for its Huntsville facility in Alabama, as well as technical and production hires, automation and technology enhancements, and working capital.
Titomic expects the placement to extend its operational runway through to its projected cash flow breakeven point during 2027. The new orders were received from major US aerospace prime contractors and an energy company over the past two weeks, covering military and commercial space, commercial and military aircraft, and oil and gas applications. CEO Jim Simpson remarked on the significance of the order flow, stating that customer enquiries and qualification work are progressing into contracts.
"While individual orders are important, the broader trend is what gives us confidence," Simpson said. "Titomic's sizeable and growing sales pipeline is increasingly converting into contracted work across the markets we have deliberately targeted." The orders provide near-term revenue while expanding Titomic's relationships and manufacturing credentials with US prime contractors and strategic customers. The company recently hosted Lieutenant General Heath Collins, Director of the US Missile Defense Agency, and an agency delegation at its Huntsville facility to demonstrate its manufacturing, repair, and sustainment capabilities for missile defence applications.
Titomic has also applied for a direct loan of approximately US$10 million ($14 million) from the Export-Import Bank of the United States. The application has progressed further through the bank's internal underwriting and approval process. If approved, the loan would support the continued expansion and industrialisation of Titomic's US operations.
Executive Chairman Dag Stromme confirmed that the company's proposed redomicile to the United States remains on track for the fourth quarter of 2026. Settlement of the placement is expected on 7 September 2026, with allotment and normal trading of the new shares scheduled for 8 September 2026. Titomic serves the aerospace, defence, shipbuilding, energy, mining, and automotive sectors with its specialized manufacturing technology.
Source: mining.com.au