Robotic technology company FBR Limited (ASX: FBR) is raising $12.6 million in an institutional placement comprising the issue of 466.4 million shares at a price of A$0.027 each.
Following the recent execution of a suite of binding agreements relating to a Demonstration Program in Florida and Joint Venture Option with CRH Ventures, the venture capital arm of CRH plc (NYSE: CRH), FBR will use the equity raising to fund general working capital requirements as the company undertakes its market entry into the US.
The placement received strong interest and support from Australian and international investors including FBR’s largest shareholders such as Brickworks Limited.
The placement price of A$0.027 is equal to the last closing price per share on 17 January 2024 before the company entered a trading halt to conduct the capital raise.
Bell Potter Securities acted as lead manager and bookrunner to the placement.
“Following the execution of US Demonstration Program and JV Option agreements with CRH Ventures, FBR has undertaken this primarily institutional placement to ensure it is well positioned financially to advance this transformational opportunity for the company, our partners and our shareholders,” managing director Mike Pivac said.