High Wycombe-based FBR has announced a $12.5 million capital raise to provide additional working capital for its anticipated US joint venture with CRH Ventures.
High Wycombe-based FBR has announced a $12.5 million capital raise to provide additional working capital for its anticipated US joint venture with CRH Ventures.
The robot technology company told the market it would issue around 328.9 million shares at an offer price of $0.038 cents per share.
FBR’s placement price represents a 20.8 per cent discount to its final closing price on July 31 – along with a 22.6 per cent discount to its 15-day volume weighted average price.
Bell Potter Securities acted as bookrunner and lead manager to the placement.
On January 28, FBR also tapped investors for $12.6 million, in order to further its US-related ambitions.
“The company is at a pivotal juncture, having deployed the first of its world-leading next-generation Hadrian X robots to Florida and preparing to undertake the site acceptance test – the first of many upcoming milestones,” FBR managing director and chief executive officer Mike Pivac said.
“It is pleasing to have completed a strongly supported capital raise that positions the company well ahead of exciting months ahead.”
The capital raise follows on from news last month that FBR’s first building and construction robot, named Hadrian X, had arrived in the US following its voyage from Fremantle in mid-May.
Should it successfully complete its outdoor site acceptance test, the Hadrian X unit will then undertake the 10-home demonstration program in Florida.
This process involves the building and construction robot constructing external walls for up to 10-single storey houses.
A successful result could then lead to the exercising of a US joint venture option between FBR and CRH Ventures.
Prior to leaving Western Australia, the Hadrian X unit successfully completed its indoor site acceptance test in February.
Aside from these developments, FBR told the market in July that its production of additional units were ongoing – and it expected to receive its first US truck chassis in coming months.
FBR shares fell early on Monday following the market update, down 16 per cent to $0.041 cents as of 11.28am WST.
