Join our daily newsletter At The Bell to receive exclusive market insights
- 3D printing developer Aurora Labs (A3D) receives firm commitments to undertake a $3 million placement
- More than 26 million shares will be issued to new investors at 11.5 cents, a 19.9 per cent discount to the five-day volume-weighted average price
- Aurora has also announced it will be undertaking a share purchase plan to raise a further $1 million with eligible shareholders able to subscribe for up to $30,000 worth of shares
- The money from both the placement and share purchase plan will be used to implement the company’s commercialisation strategy and pay patent, plant and equipment costs
- Shares in Aurora are down 10.7 per cent on the market and are trading at 12.5 cents
3D printing developer Aurora Labs (A3D) has received firm commitments to undertake a $3 million placement.
The company entered a trading halt on November 4 but did not disclose how much it intended to raise or what it would use the funds for.
A total of 26,086,957 shares will be issued to new investors at 11.5 cents.
This price represents a 17.9 per cent discount to Aurora’s closing price of 14 cents on November 5 and a 19.9 per cent discount to the five-day volume-weighted average price.
Blue Ocean Equities (BOEQ) acted as lead manager and will receive a fee equal to six per cent of the placement proceeds.
Additionally, BOEQ will be issued with three million unlisted options, exercisable at 17.25 cents with expiry three years from issue.
Shares are expected to settle on November 15 and be quoted on the ASX on November 16.
Aurora has announced it will also be undertaking a share purchase plan (SPP) to raise a further $1 million.
Eligible shareholders will be able to subscribe for up to $30,000 worth of shares, which will be priced the same as the placement of 11.5 cents.
The SPP will open on November 10 and close on November 26.
Aurora will use the money from both the placement and SPP to implement its commercialisation strategy and pay patent, plant and equipment costs.
CEO Peter Snowsill commented on the capital raising.
“This funding will enable us to pursue our commercialisation partnership goals with the technology we’ve developed and assist in preparing our go-to-market activities,” Mr Snowsill said.
Shares in Aurora were down 10.7 per cent on the market and were trading at 12.5 cents at 11:35 am AEDT.
