- Robotic technology company FBR Limited (FBR) has opened its $5 million share purchase plan
- Eligible shareholders will be able to purchase between $1000 and $30,000 worth of shares at 4.5 cents per share
- The money raised will be used to fund Hadrian X – FBR’s construction robot that speeds up the bricklaying process
- This follows yesterday’s announcement in which the company secured a $5.5 million placement
- FBR is currently up 2.27 per cent with shares trading for 4.5 cents apiece
Robotic technology company FBR Limited (FBR) has opened its $5 million share purchase plan (SPP).
The SPP provides the opportunity for eligible shareholders to purchase between $1000 and $30,000 worth of fully paid ordinary shares at the price of 4.5 cents per share.
Eligible shareholders are those who were registered holders in FBR before December 4, 2019.
FBR reserves the right to close the offer early and to accept oversubscription of shares in the SPP.
The SPP will close on December 23, 2019 and the shares will be allocated on December 31, 2019.
They will then be sent to shareholders on January 3, 2020 and are expected to begin trading on the ASX on January 6, 2020.
Just yesterday the company secured a placement to raise $5.5 million through the issue of more than 122 million shares also priced at 4.5 cents apiece.
This price of 4.5 cents represents a 15 per cent discount to the share price of 5.3 cents on December 2, 2019 and a 17 per cent discount from the average weighted trading price over the last five days.
Money raised from both the placement and SPP will be used for general working capital purposes as FB continues to commercialise Hadrian X.
Hadrian X is a unique construction robot that speeds up the bricklaying process.
The robot uses FBR’s dynamic stabilisation technology (DTS) to measure movement caused by wind vibration and inactivity and counteracts it in real-time using advanced algorithms to provide unmatched precision.
It delivers accuracy previously only achieved with indoor robots paving the way for robotic automation outdoors.
FBR is currently up 2.27 per cent with shares trading for 4.5 cents apiece at 12:05 pm AEDT.