3D printer company expands raising

Falcon Minerals, which is preparing to become a 3D printer-focused company called i3D Technologies, has secured pre-commitments from investors ahead of a planned $5 million capital raising.

The company, which is acquiring 100 per cent of Albion 3D Investments, a special purpose vehicle controlled by prominent technology investor Anthony Grist, had previously been planning to raise $2.25 million in early 2016.

In an ASX announcement today, Falcon said it had received firm commitments from Forrest Capital, GTT Ventures, and a number of sophisticated and professional investors for $5 million.

The capital raising price has been set at 8 cents per share post consolidation, subject to shareholder approval.

Falcon said the board had decided increasing the capital raising amount would provide it with greater certainty and allow it to grow inventory levels, accelerate sales and marketing activities, and expand research and development.

The company’s flagship product, Robo 3D, sells for about $US900, and has brought in $US1.9 million in revenue during the first nine months of this year.

Earlier this month, Business News reported on Mr Grist’s involvement in the company and its plans to sell its printers in Australia.

Falcon shares were down 13 per cent today to 2 cents.

The company said it had completed all funding, legal, financial and commercial due dilligence and was now working with advisers to prepare for its relisting as i3D Technologies.