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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.
