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Veem Ltd (ASX:VEE)

ALERT: Price-sensitive ASX Announcement for VEE
Current share price for VEE : $0.550 -0.96 (-63.58%)+
Announcement
Release
30 Sep 2025 9:50AM
Price at Release
$1.510
Full Release
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Summary
VEEM Limited announced the successful completion of a $14 million placement to accelerate its growth in the defence sector. The funds will be used for growth, working capital, and strengthening the balance sheet. The placement saw significant support from major shareholders, including the Miocevich family and Perennial Value Management. VEEM also signed a 9-year Manufacturing Licence Agreement with Northrop Grumman, valued initially at US$33 million, to supply parts for the Virginia Class submarine program. This agreement positions VEEM as a key player in the US defence supply chain. VEEM's recent defence collaborations, including with Huntington Ingalls Industries and Northrop Grumman, signify its strategic progress in the defence industry, supported by its advanced manufacturing capabilities.
Key Points
  • Completion of a $14 million placement for defence sector growth.
  • Funds to support working capital and balance sheet strengthening.
  • Significant shareholder support from the Miocevich family and Perennial.
  • 9-year Manufacturing Licence Agreement with Northrop Grumman.
  • Initial value of the agreement is up to US$33 million.
  • VEEM's involvement in the Virginia Class submarine program.
  • Strategic positioning in the US defence supply chain.
  • Recent defence collaborations with major US defence contractors.
  • Strengthening VEEM's international defence presence.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.