FBR pockets $11m

Robotic bricklaying company FBR is set to bank $11 million after offering up discounted shares at 4.5 cents to institutional investors and collecting a research and development refund. 

Shares available through the placement were discounted at 14 per cent on their five-day volume weighted average price and 11 per cent discount on their 30-day VWAP.

The company also received a $3.9 million refund under the ATO and the Department of Innovation, Industry and Science’s research and development incentive scheme earlier this week.

The majority of this was repaid to Radium Capital, leaving net cash received by FBR via the refund at $1.3 million.

Once completed, roughly 222 million new FBR shares are set to hit the market.

Fastbrick says it plans to put the funds, whi working capital and “continue its commercialisation pathway.”

FBR managing director and chief executive Mike Pivac said he was pleased to attract support from existing and new investors from Australia, the UK, Honk Kong and the US.

“The funds raised will position the Company well to execute on and expand its current committed work pipeline and to capitalise on commercial opportunities that are frequently presenting themselves globally, particularly in North America and Europe,” Mr Pivac said in an ASX release.

MST Financial acted as manager to the placement.

Fastbrick shares are down 7.55 per cent at 1:51 pm AEDT to trade at 4.9 cents.