Robotic technology company FBR Limited (ASX: FBR) is pleased to announce that the Company has received firm commitments from institutional and sophisticated investors to raise $10 million via the issue of 222,222,222 shares at 4.5¢ a share, representing a 14% discount to the five-Day VWAP and an 11% discount to the 30-day VWAP.
The capital raising was supported by existing and new institutional and sophisticated investors from Australia, United Kingdom, Hong Kong and the United States. The funds will be used for working capital and to continue the commercialisation pathway outlined in the latest Corporate Presentation released to the ASX on 15 November 2021.
FBR’s managing director Mike Pivac said:
“We are pleased to have attracted support from both existing and new institutional and sophisticated investors to help us progress the commercialisation of FBR’s technology.
“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.”
