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- FBR (FBR) pens a deal with UK-based shareholder M&G Investment Management to fund the manufacture of three Hadrian X robots for the US market
- Under a strategic share subscription and purchase plan, M&G has agreed to buy 277 million FBR shares for $9.14 million
- FBR will use the funds to manufacture and deploy three additional next-generation Hadrian X robots for expedited use overseas
- The company says it’s building a fleet of robots to transition the construction industry toward a more “sustainable footing” by providing a faster, safer and cheaper building solution
- FBR shares are up 3.13 per cent to 3.3 cents at 2:05 pm AEDT
FBR (FBR) has penned a deal with UK-based shareholder M&G Investment Management to fund the manufacture of three Hadrian X robots for the US market.
The robotic technology company entered a strategic share subscription and purchase plan with M&G under which the UK will buy 277 million FBR shares worth $9.14 million.
FBR will use the funds to manufacture and deploy three additional next-generation Hadrian X robots for expedited use overseas.
“The agreement with M&G provides FBR with the funding to manufacture another three next-generation Hadrian X machines to bring our technology to the USA, to pursue meaningful revenue for FBR with builders who have been eagerly anticipating the arrival of the Hadrian X,” FBR Managing Director and Chief Executive Officer Mike Pivac told investors.
The three new robots will be built on USA truck bases and will be immediately deployed to offer “Wall-as-a-Service” via the existing Fastbrick Americas LLC entity.
“With one Australian-spec next-generation Hadrian X unit already assembled and laying its first blocks, another mid-assembly, and these three additional USA-spec Hadrian X units, we are building a fleet of Hadrian X robots that will transition the construction industry toward a more sustainable footing, by providing a faster, safer, less wasteful, more accurate and, ultimately, cheaper solution,” Mr Pivac said.
Under the agreement, the fully paid ordinary shares will be issued on March 17 at a price of 3.3 cents per share for an aggregate sum of $7,491,000.
Additionally, M&G has agreed to purchase 50 million fully paid ordinary shares from Chief Technology Officer Mark Pivac and Mike Pivac within 30 days following the date of issue of the new shares for an extra $1.65 million.
These shares were previously issued to the executive directors in 2020 as loan-funded shares, due to expire in December 2022.
Full proceeds of the sale of these shares will go directly to FBR in part repayment of the outstanding loans before being applied towards the manufacture and commercial deployment of the additional next-generation Hadrian X robots.
FBR shares were up 3.13 per cent to 3.3 cents at 2:05 pm AEDT.
