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- Robotics technology company FBR (FBR) will raise $16 million through a placement to institutional and sophisticated investors
- Via the raise, FBR will issue over 280.7 million shares priced at 5.6 cents each
- The funds will be used for working capital and to continue progressing its commercialisation strategies
- Specifically, FBR aims to create global wall-as-a-service operating entities to secure strategic partners which will help fund the production of more Hadrian X robots
- Ultimately, FBR wants to be the leader of the only enabling technology for autonomous brick and block wall construction
- After coming out of a trading halt, company shares are trading 7.89 per cent lower for seven cents
FBR (FBR) has received firm commitments from institutional and sophisticated investors for a $16 million placement.
This follows the company’s trading halt announced on Monday, August 17.
Under the placement, FBR will issue 280,701,765 shares at 5.6 cents each. The issue price represents a 16 per cent discount to the 15-day volume-weighted average price (VWAP).
The new shares under the oversubscribed placement will rank equally with existing fully paid ordinary shares on issue and FBR expects the new shares will be issued next Tuesday, August 25.
The placement was supported by existing and new investors from Australia, New Zealand, the U.K. and Hong Kong.
“We are pleased to have attracted support from both our existing institutional and sophisticated investors as well as a number of new institutional and sophisticated investors that hold a long term positive view of the compelling commercial case for FBR’s robotic technology,” Managing Director and CEO Mike Pivac said.
FBR is a robotic technology company which has developed an innovative Hadrian X robot to transform the construction industry.
The funds will be used for working capital and to continue progressing its commercialisation strategies. These include creating wall-as-a-service (WaaS) operating entities around the world to allow partners to buy into the WaaS operation. FBR will then use the funds to create more Hadrian X robots.
FBR also wants to be the sole enabler of this particular robotic technology for autonomous brick and block wall construction.
After coming out of a trading halt, company shares are trading 7.89 per cent lower for seven cents each at 11:00 am AEST.
