An investor has emerged for the troubled metal storm, which was announced yesterday a $20.2m credit facility from Global Emerging Markets. (GEM).
The equity based funding agreement lets the defense technology company to cash up pre-specified amount and repay in trade stocks.
The funds will be used to finance a development of Metals core defenses.
“The company’s financial position is now more stable with the GEM facility in place,” Metal Storm chairman Terry O’Dwyer said.