Fastbrick attracts investor for $8m raising

09/12/2016 - 10:07

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Fastbrick Robotics has locked in a new cornerstone investor through an $8 million capital raising, as it progresses its robotic bricklaying technology.

An artist's impression of Fastbrick's Hadrian X commercial prototype.

Fastbrick Robotics has locked in a new cornerstone investor through an $8 million capital raising, as it progresses its robotic bricklaying technology.

Perth-based Fastbrick raised the funds through the placement of shares to Hunter Hall Investment Management at a price of 8.1 cents per share, representing a 6.9 per cent discount to the company’s last closing price.

The proceeds of the raising will be used to finish development of the company’s Hadrian X prototype truck-mounted bricklaying robot.

Hunter Hall, an investment management group, will emerge with a 17.2 per cent stake in Fastbrick on completion of the raising.

“We are delighted to have secured Hunter Hall as a cornerstone investor, and we are appreciative of their conviction to back FBR’s technology and team,” Fastbrick chief executive Michael Pivac said.

“Hunter Hall have a long-term investment horizon, and have been supporting Fastbrick through on-market buying, so we see them as an excellent strategic fit as a cornerstone investor.

“Moreover, we are pleased to have been able to complete the placement with Hunter Hall directly and without an intermediary broker.

“The capital raised in the placement significantly de-risks Fastbrick from a funding point of view, ensuring the company is now fully funded into 2018, and allows us to focus on the delivery of the Hadrian XTM in 2017.”

Shares in Fastbrick were 32.1 per cent higher to 11.5 cents each at 10am.

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