Join our daily newsletter At The Bell to receive exclusive market insights
- Aurora Labs (A3D) raises $3 million from a share purchase plan (SPP) with securities to be issued on December 1, 2021
- The company says directors have agreed to also accept eligible applications totalling just over $595,000
- Funds raised will allow the company to accelerate its commercialisation strategy, patent costs, plant and equipment costs, and working capital
- Shares have ended the day 10 per cent in the green to close at 11 cents
Aurora Labs (A3D) has raised $3 million from a share purchase plan (SPP) which closed on November 26, 2021.
The issue of securities will occur on December 1, 2021.
The company says directors have agreed to also accept eligible applications totalling just over $595,000 in addition to the $3 million.
Aurora Labs is an industrial technology and innovation company specialising in the development of 3D metal printers, powders and digital parts.
Funds raised will be applied towards implementing A3D’s commercialisation strategy, patent costs, plant and equipment costs, working capital as well as costs of the offers.
Immediate activities reportedly include printer and business readiness preparation for contract printing and active business development engagement. The company also aims to promote this to new and existing customers.
CEO Peter Snowsill said the company now has sufficient funding.
“The company is pleased with the success of the SPP offer which, together with the recent share placement provides the company with sufficient funding to execute our commercialisation strategy over the next 12 months”.
Aurora said it commenced the process to confirm the preferred configuration of a baseline 4 x 1500W printer. It will also engage with a contract manufacturer to confirm the manufacturing cost for the baseline commercial printer.
Shares ended the day 10 per cent in the green to close at 11 cents.
