*Sources: DTN News / AsiaPulse via COMTEX
(NSI News Source Info) SYDNEY, Australia - July 2, 2009: Australian defence technology company Metal Storm Ltd has been awarded a development project worth 
US$514,700 with the US Army to increase the battle effectiveness of certain warheads.
Metal Storm will conduct the project over the next 12 months for the US Army's Joint Munitions and Lethality Contracting Center (Center).
"The objectives of the project are to develop and demonstrate new and innovative technologies that are capable of providing significant improvements in lethality over current inventory warheads by controlling the direction of the fragmentation pattern," Metal Storm said on Wednesday.
The company is currently seeking to raise A$2 million (US$1.61 million) under a share purchase plan (SPP), which closes on Friday, July 3.
"The Metal Storm board encourages shareholders who wish to participate in the SPP to complete their application forms and submit them as soon as possible," chief executive
Lee Finniear said in a statement.
Metal Storm said in May that without a capital injection, it was in danger of exhausting its resources in about four months.
It is still moving toward commercialising its weapons systems and ammunition.
Its shares were trading at 3.3 cents, up 0.6 cents, at 1457 AEST.
US$514,700 with the US Army to increase the battle effectiveness of certain warheads.
Metal Storm will conduct the project over the next 12 months for the US Army's Joint Munitions and Lethality Contracting Center (Center).
"The objectives of the project are to develop and demonstrate new and innovative technologies that are capable of providing significant improvements in lethality over current inventory warheads by controlling the direction of the fragmentation pattern," Metal Storm said on Wednesday.
The company is currently seeking to raise A$2 million (US$1.61 million) under a share purchase plan (SPP), which closes on Friday, July 3.
"The Metal Storm board encourages shareholders who wish to participate in the SPP to complete their application forms and submit them as soon as possible," chief executive
Lee Finniear said in a statement.
Metal Storm said in May that without a capital injection, it was in danger of exhausting its resources in about four months.
It is still moving toward commercialising its weapons systems and ammunition.
Its shares were trading at 3.3 cents, up 0.6 cents, at 1457 AEST.
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