Robotic technology company FBR Limited (ASX: FBR) has launched a fully underwritten $8 million share purchase plan (SPP).
Existing shareholders can subscribe for new fully paid ordinary shares at a price of 3.8c each, being the same price as the institutional placement previously announced by the company on 5 August 2024.
Funds raised from the SPP will provide FBR with additional working capital to deliver a number of key upcoming milestones including completing the second half of the 10-home Demonstration Program currently underway in Florida, which can lead to the potential exercise of the US JV Option with CRH Ventures. If exercised, the JV Option triggers a purchase order for 20 Hadrian X® robots and CRH Ventures Americas providing a US$40m debt facility to the Fastbrick Americas JV.
The SPP will allow all eligible shareholders to purchase between $1,000 and $30,000 worth of new shares. The 3.8c per share offer price equates to an 11.6% discount based on FBR’s share price at the close of trading on 31 October 2024.
The SPP offer is fully underwritten by Bell Potter Securities and sub-underwritten by institutional investors.
The SPP opens on 7 November 2024 and will close on 26 November 2024.
