Robotic technology company FBR Limited (ASX: FBR) has successfully completed an oversubscribed institutional placement to raise $6.2 million.
The equity raising will provide general working capital for the company, enabling it to progress the commercialisation strategy for a Wall as a Service (WaaS) partnership in the US and to continue procurement and manufacture of additional next-generation Hadrian X® robots.
The placement will raise $6.2 million via the issue of 248 million new ordinary fully paid shares at the placement price of $0.025 per share. The placement price represents a 22% discount to the closing price of $0.032 per share on 4 October 2023 and an 11% discount to the 15-day VWAP of $0.028 per share.
MST Financial Services Pty Ltd acted as sole lead manager in relation to this placement.
Allotment of the new shares under the placement is expected to occur on 16 October 2023, with trading of the new shares commencing on the ASX on the same date.