- Robotic technology company (FBR) receives firm commitments to undertake a $10 million placement
- More than 222 million shares will now be issued to institutional and sophisticated investors at 4.5 cents
- FBR will use the money to continue commercialisation activities regarding its Hadrian X construction robot
- 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 5.66 per cent on the market and are trading at five cents
Robotic technology company FBR (FBR) has received firm commitments to undertake a $10 million placement.
The company entered a trading halt on November 24 but did not disclose how much it intended to raise or what it would use the funds for.
A total of 222,222,222 shares will now be issued to institutional and sophisticated investors at 4.5 cents.
This price represents a 14 per cent discount to the five-day volume-weighted average price and an 11 per cent discount to the 30-day volume-weighted average price.
FBR will use the money to continue commercialisation activities regarding its Hadrian X construction robot.
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.
CEO & Managing Director Mike Pivac commented on the outcome of the placement and what FBR will use the funds for.
“We are pleased to have attracted support from both existing and new institutional and sophisticated investors to help us progress the commercialisation of FBR’s technology,” Mr Pivac said.
“The funds raised will position the company well to execute on and expand its current committed work pipeline and to capitalise on commercial opportunities that are frequently presenting themselves globally, particularly in North America and Europe.”
Shares in FBR were down 5.66 per cent on the market and were trading at five cents at 11:27 am AEDT.