West Australian Robotic technology firm FBR Limited (ASX:FBR) has garnered $6.2 million in an oversubscribed institutional placement.
The capital will accelerate the commercialisation of its Wall as a Service (WaaS) offering in the United States and facilitate the procurement and manufacturing of additional next-generation Hadrian X robots.
Investors will acquire 248 million new ordinary fully paid shares at a placement price of A$0.025 per share.
???? Due to high demand for our #tech in the #UnitedStates, @FBR has made the strategic decision to reprioritise delivery of US-spec #HadrianX construction robots ASAP ????READ MORE: https://t.co/g81c0JCB6Y ????????#3Dprinting #automation #construction #robotics #businessnews pic.twitter.com/fm4vT34qjM
— FBR (@FBR) October 3, 2023
Placement summary
This price indicates a 22% discount to FBR's closing rate of A$0.032 per share on 4 October 2023 and an 11% discount to the 15-day volume-weighted average price (VWAP) of $0.028 per share.
MST Financial Services Pty Ltd functioned as the sole lead manager for the placement.
The allotment of new shares is slated for 16 October 2023, and trading of these shares will begin on the Australian Securities Exchange (ASX) on the same date.
What is Hadrian X
Hadrian X is the world's first mobile robotic blocklaying machine and system, capable of safely working outdoors in uncontrolled environments with speed and accuracy.
It builds block structures from a 3D CAD model, producing far less waste than traditional construction methods while dramatically improving site safety.
Notably, Hadrian X is capable of building the walls of a house in situ in as little as a day.