Aurora in $8m raising

26/02/2018 - 15:37

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3D printing company Aurora Labs has announced it will raise up to $8 million, with the funds to be used to support development of its large format technology.

Aurora in $8m raising

3D printing company Aurora Labs has announced it will raise up to $8 million, with the funds to be used to support development of its large format technology.

The company said it had completed a bookbuild for a $5 million placement at an issue price of 80 cents, with strong demand from institutional and sophisticated investors.

Aurora is also planning to raise up to $3 million through share purchase plan under similar terms to the placement.

“This capital injection strengthens our position and assists in accelerating the development of our large format technology,” managing director David Budge said.

“We have made rapid progress so far, announcing the advancement of our prototype now able to print simple parts at rapid speed.

“We are proving the fundamentals of the large format technology and, as a result, ramping up the development of this technology is a key priority.”

Hunter Capital acted as lead manager to the placement.

Shares in Aurora finished down 16 per cent at 83 cents.

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