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Titomic to Raise AU$16.5 Million Via Institutional Placement, Shares Reach One-Year Low

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Titomic (ASX:TTT) received firm commitments to raise AU$16.5 million via an institutional placement, according to a Wednesday Australian bourse filing.

It will issue around 126.9 million new shares under the placement, at AU$0.13 per new share.

It will use the proceeds to support further US expansion by scaling capacity at its Huntsville, Alabama facility through additional equipment, increased hiring, technology, automation and digital enhancement.

Its shares fell past 20% in recent trading on Wednesday, reaching their lowest point in over a year.

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