- Robotic Technology company FBR Limited (FBR) has successfully secured a placement to raise $5.5 million
- More than 122 million shares will be issued to investors at a price of 4.5 cents apiece
- The company has also invited existing shareholders to participate in a share purchase plan to raise an additional $5 million
- The money used will be used for working capital purposes as FBR continues to commercialise Hadrian X
- Hadrian X is a unique construction robot that speeds up the bricklaying process
- FBR is currently down 17 per cent with shares trading for 4.4 cents apiece
Robotic Technology company FBR Limited (FBR) has successfully secured a placement to raise $5.5 million.
A total of 122,222,223 shares will be issued to international and domestic institutional and sophisticated investors at a price of 4.5 cents apiece.
FBR has also invited existing shareholders to invest in the company via a share purchase plan (SPP) at the same price of 4.5 cents to raise an additional $5 million.
The SPP will allow eligible FBR shareholders to purchase between $1000 and $30,000 worth of shares.
The price of 4.5 cents represents a 15 per cent discount to the share price of 5.3 cents on December 2, 2019.
Money raised will be used for general working capital purposes as FBR continues to commercialise the Hadrian X.
Hadrian X is a unique construction robot that speeds up the bricklaying process.
Using FBR’s dynamic stabilisation technology (DST), Hadrian X measures movement caused by wind vibration and inactivity and counteracts it in real-time using advanced algorithms to provide unprecedented precision.
It delivers accuracy previously only achieved with indoor robots paving the way for robotic automation outdoors.
“We are continuing to our Hadrian X prototypes by building house structures in real world environments as part of our pilot phase programs with builders, and we are making good progress on our commercialisation pathway,” Managing Director and CEO Mike Pivac commented.
“Therefore, I believe that now is the appropriate time to offer all our existing shareholders the opportunity to invest further in FBR as we move into the next stage of our journey,” he added.
FBR is currently down 17 per cent this morning with shares trading for 4.4 cents apiece at 11:44 am AEDT.