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- 3D metal printer manufacturer Aurora Labs (A3D) has received firm commitments to undertake a $2 million placement
- More than 23.5 million shares will be issued to institutional and sophisticated investors at 8.5 cents
- Aurora has also announced that it is planning to undertake a share purchase plan to raise an additional $1 million, but may accept $500,000 in oversubscriptions
- The company will use the money to develop its RMP-1 printer, and pay research and development, patent, plant, and equipment costs
- Aurora’s share price has dropped 16 per cent and shares are trading for 10.5 cents each
3D metal printer manufacturer Aurora Labs (A3D) has received firm commitments to undertake a $2 million placement.
The company entered a trading halt on September 9 but did not disclose how much it would be raising.
All up, 23,529,412 shares will be issued to institutional and sophisticated investors at 8.5 cents each.
This price represents a 32 per cent discount to Aurora’s last closing price of 12.5 cents, and a 17.5 per cent discount to the five-day volume-weighted average price.
Shares are expected to settle on September 18 and begin trading on the ASX on September 21.
Aurora has also announced that it is planning to undertake a share purchase plan to raise an additional $1 million, but may accept $500,000 in oversubscriptions.
Eligible shareholders will be able to subscribe for up to $30,000 worth new shares at an issue price of 8.5 cents per share.
The share purchase plan will open on September 14 and close on October 2.
Aurora will use the money to develop its RMP-1 printer, and pay research and development, patent, plant, and equipment costs.
The money will also be used for working capital and costs associated with the offer.
“We value the ongoing support of existing shareholders and new institutional and sophisticated investors through this capital raising,” CEO Peter Snowsill commented.
“This funding will enable Aurora to progress our RMP-1 printer to commercial readiness in line with our recently announced technology development pathway,” he added.
Aurora’s share price has dropped 16 per cent and shares are trading for 10.5 cents each at 1:59 pm AEST.
