11/09/2020 - 13:02

Aurora Labs gets capital raise underway

11/09/2020 - 13:02

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Aurora Labs has jumped out of the gates of its latest capital raising with an oversubscribed placement and share purchase plan underway to raise up to $3.5 million at $0.085 per share, as its stock opened at $0.12 per share today.

Aurora Labs gets capital raise underway. Credit: File

Aurora Labs has jumped out of the gates of its latest capital raising with an oversubscribed placement and share purchase plan underway to raise up to $3.5 million at $0.085 per share, as its stock opened at $0.12 per share today.

The Perth-based company said it received firm commitments to raise $2 million via an oversubscribed placement at $0.085 per share and $1 million at $0.085 per share in a share placement plan to existing holders.

An additional $500,000 can be raised via oversubscriptions of its share purchase plan.

Aurora Labs’ CEO, Peter Snowsill said:

“This funding will enable Aurora to progress our RMP-1 printer to commercial readiness in line with our recently announced technology development pathway.”

As the company gears up for a pivotal commercialisation period for its 3D metal RMP-1 printer technology, it has taken a significant step towards protecting its valuable intellectual property, celebrating the grant of a patent in China for a key part of its Multi-Layer Concurrent Printing, or “MCP” technology.

While China is the first country to grant a patent for Aurora’s MCP technology, the company has also applied for the technology to be patented in several other regions across the world, including Australia and the United States.

Aurora has recently executed a shift in its commercial strategy, now seeking to partner with original equipment manufacturers in the 3D metal printing sector as it chases down a lower risk and capital pathway to market.

According to Aurora, several new and institutional investors have come on board for this capital raise – the company would appear to have a supportive market for its unique metal 3D printing tech.

 

Is your ASX listed company doing something interesting? Contact: matt.birney@businessnews.com.au

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