Metal Storm Limited

Wall Street declined modestly overnight as bearish analyst comments hurt bank shares. Analysts with UBS predicted the capital market's seasonal slowing could come earlier this year, cutting its fourth-quarter earnings target for Morgan Stanley, JP Morgan and others.

Wall Street declined overnight on a weak housing report, despite some strong earnings results. The Commerce Department said that construction starts on privately owned homes rose 0.5 per cent to 590,000, lower than expectations.

Defence technology company Metal Storm Limited (ASX: MST)(NASDAQ: MTSX) has completed further live fire trials of its 3GL 40mm three shot grenade launcher mounted to an M16 assault rifle. The trials were designed to provide baseline data for the 3GL and munition-enhancement program.

Metal Storm Limited (ASX: MST) - US Navy Contract Awarded - Dr Lee Finniear, CEO; Metal Storm Limited (ASX: MST) present the following audio webcast regarding "US Navy Contract Awarded". You may also download this audio webcast to your computer or portable audio player.

Metal Storm Limited (ASX: MST)(NASDAQ: MTSX) announce the following brief update of operations as at 22 September 2006.

Metal Storm (ASX: MST) has today lodged with ASIC a prospectus for an underwritten A$27.5 million capital raising through a Renounceable Rights Issue of unsecured Convertible Notes and attaching Options.

Metal Storm (ASX: MST) announced today it was awarded a US$331,426 (approximately A$442,125) contract by the United States Marine Corps Warfighting Lab, Ground Combat Element (GCE) Branch for the design, fabrication and test of 18mm stacked round firing systems.

Mr John Nicholls has agreed to join the Board as a non-Executive Director immediately after the Prospectus for the previously announced capital raise is issued.

Metal Storm Limited (ASX: MST) today announced that it has signed a one year working capital facility of AU$5 million with Harmony Investment Fund Limited (Harmony) as previously foreshadowed in its 8 May 2006 announcement regarding capital raising plans.

Metal Storm Limited (ASX: MST) today announced that it had raised $3.0 million under the recent Share Purchase Plan (SPP). Shareholders who applied for $5,000 of shares under the SPP will receive 37,622 shares. Metal Storm will issue a total of 22,647,240 shares under the SPP.