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  • Robotic technology company FBR (FBR) receives firm commitments to raise $4 million via a share placement
  • The funds will be raised via the issue of more than 222 million shares to institutional and sophisticated investors at 1.8 cents
  • FBR will use the money to complete the mechanical assembly of its construction robot, Hadrian X
  • Hadrian X speeds up the bricklaying process by using FBR’s stabilisation technology to measure movement caused by wind, vibration and inactivity
  • Shares in FBR are down 5 per cent on the market and trading at 1.9 cents at 11:31 am AEST

Robotic technology company FBR (FBR) has received firm commitments to raise $4 million via a share placement.

The funds will be raised via the issue of roughly 222.2 million shares to institutional and sophisticated investors at 1.8 cents.

This price represents a 10 per cent discount to FBR’s last closing price of two cents, a 19 per cent discount to the 10-day volume-weighted average price and a 22 per cent discount to the 15-day volume-weighted average price.

FBR will use the money to complete the mechanical assembly of its construction robot, Hadrian X.

Hadrian X speeds up the bricklaying process by using FBR’s stabilisation technology to measure movement caused by wind, vibration and inactivity.

It then counteracts it in real-time by using advanced algorithms to provide precision.

The control system uses computer-aided designs to create a 3D model of the building, essentially telling Hadrian X what to build and which materials it will need.

Shares in FBR were down 5 per cent on the market and were trading at 1.9 cents at 11:31 am AEST.

FBR by the numbers
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