Perth robotic technology company FBR Limited (ASX: FBR) has received firm commitments from institutional and sophisticated investors to raise $4 million via the issue of 222,222,222 shares at 1.8¢ each, representing a 10% discount to the last closing price, 19% discount to the 10-day VWAP and a 22% discount to the 15-day VWAP.
The funds will be used for working capital and to complete mechanical assembly of the next-generation Hadrian X®, as outlined in the latest corporate presentation released to the ASX on June 14.
Applications received exceeded the $4 million allocated.
The new shares to be issued under the placement will rank equally with existing FBR fully paid ordinary shares on issue.
The placement was managed by MST Financial and supported by existing and new institutional and sophisticated investors.
