Perth robotic technology company FBR Limited (ASX: FBR) has received a firm commitment from a wholly owned subsidiary of existing strategic investor Brickworks Limited (ASX: BWK), Australia’s largest brick producer, to raise $1,929,628.40 via 107,201,578 shares at $0.018 per share, the same price as the placement completed on 24 June 2022 representing a 14% discount to FBR’s last closing price and a 15% discount to the 30-day VWAP.
The new shares to be issued under the placement will rank equally with existing FBR fully paid ordinary shares on issue and will result in Brickworks holding a 4.93% stake in the Company, held via a Brickworks wholly owned subsidiary. Included in the strategic share subscription agreement is a clause stipulating that Brickworks retains the right to participate in any future capital raising that FBR undertakes to the extent needed to maintain a 4.93% shareholding in the company.
The placement was managed by FBR and was conducted in accordance with ASX Listing Rule 7.1, using FBR’s full remaining placement capacity as at 24 June 2022, without shareholder approval. The expected date of issue of the securities is 13 July 2022.
The funds will be used for working capital and commissioning of the next-generation Hadrian X®, as outlined in the latest corporate presentation.