30/10/2019 - 11:42

Aurora to raise $4m

30/10/2019 - 11:42

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Bibra Lake-based Aurora Labs has announced plans to raise $4 million through a placement, primarily to accelerate the commercialisation of its 3D printers.

Aurora to raise $4m
David Budge says the capital raised will allow the company to accelerate the development of its Australian and overseas businesses.

Bibra Lake-based Aurora Labs has announced plans to raise $4 million through a placement, primarily to accelerate the commercialisation of its 3D printers.

Aurora said funds would also go towards the development of printing powder and for working capital purposes.

The company will issue approximately 15.4 million shares at 26 cents per share, with Blue Ocean Equities acting as lead manager to the placement.

Aurora directors Paul Kristensen and Mel Ashton have subscribed for 160,000 and 150,000 shares respectively, subject to shareholder approval.

Managing director David Budge said the capital raised would allow the company to accelerate the development of its Australian and overseas businesses.

“(It is) in direct response to the strong and ever-increasing interest in the company and its rapid manufacturing technology, being shown by major original equipment manufacturers and other important customers, as well as potential collaboration partners around the world,” Mr Budge said.

Earlier this month, the company announced the sale of its first large format, pre-production 3D printer to AdditiveNow - a 50/50 joint venture between Aurora and engineering company Worley

Shares in Aurora Labs were down 3.33 per cent to trade at 29 cents per share, as at 1:45 AEDT.

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