3D printer Aurora Labs has raised $5 million via a share placement, with the funds to be used primarily to fast track the completion of its rapid manufacturing technology, which allows multiple layers of metal 3D parts to be printed in a single pass.
Under the placement, the Bibra Lakes-based company issued around 13.16 million shares at a price of 38 cents each.
The placement price represents a discount of 10.6 per cent to Aurora’s closing price last Wednesday of 42.5 cents per share.
Blue Ocean Equities acted as the lead manager to the placement.
Blue Ocean will receive 5 per cent of the proceeds from the placement, and will be issued with approximately 367,000 options, each with a term of three years and an exercise price of 57 cents per option.
Aurora managing director David Budge said the funds would accelerate the growth of the business over the year ahead.
“The strong support of new institutional and sophisticated investors in this capital raising is a solid endorsement of our company and places Aurora in a stronger position to deliver on the exciting developments with Aurora’s rapid manufacturing technology,” he said.
The company also responded to an ASX query in regards to about an announcement from September around the timetable of its rapid manufacturing technology reaching commericalisation.
Aurora said it adequately revised its timetable in the following month.
Shares in Aurora were down 7 per cent to close trade at 40 cents each.
