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- Robotic technology company FBR (FBR) receives firm commitments from a Brickworks subsidiary to raise over $1.9 million
- The funds will be raised through the issue of more than 107 million shares at a price of 1.8 cents – a 15 per cent discount to the 30-day volume-weighted average price
- Following the issue of the shares, Brickworks will hold a 4.93 per cent stake in FBR via a wholly-owned subsidiary
- FBR will use the money to commission the next-generation Hadrian X which speeds up the bricklaying process by using FBR stabilisation technology
- Shares in FBR are up 9.52 per cent on the market and are trading at 2.3 cents at 11:47 am AEST
Robotic technology company FBR (FBR) has received firm commitments from a Brickworks subsidiary to raise $1.92 million.
The funds will be raised through the issue of 107,201,578 shares at a price of 1.8 cents – a 14 per cent discount to FBR’s closing price of 2.1 cents and a 15 per cent discount to the 30-day volume-weighted average price.
Following the issue of the shares, Brickworks will hold a 4.93 per cent stake in FBR via a wholly-owned subsidiary.
FBR will use the money to commission the next-generation Hadrian X and working capital.
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 up 9.52 per cent on the market and were trading at 2.3 cents at 11:47 am AEST.
