Perth technology company FBR Limited (ASX: FBR) has completed a fully underwritten $20m institutional placement at an issue price of 4c a share to new and existing institutional, sophisticated and strategic investors.
Funds raised from the placement will be used to accelerate FBR’s completion of the Hadrian X® H110 program, pursue WaaS® global expansion opportunities and commercialisation opportunities as well as provide additional working capital for a ramp-up in activities and workforce planning.
“We are very pleased with the support shown by new and existing investors, both domestic and offshore,” managing director Mike Pivac said.
“We remain focussed on executing and expanding our current work pipeline and pursuing commercial opportunities globally for FBR’s Hadrian X® technology.”
New shares issued under the placement will rank pari passu with existing ordinary shares from the date of issue. Allotment of the new shares under the placement is expected to occur on November 1, with trading of the new shares commencing on the ASX on the same date.