Company Name: Fastbrick Robotics
Announcement Date: 22/11/2017
Announcement Category: Investment
Australian robotic technology company Fastbrick Robotics Limited (ASX:FBR) confirms that it has completed a capital raise and has received commitments for $35.0m. The capital raising was completed with a small group of international and domestic institutional investors. Following the recently completed investor marketing both internationally and in Australia, there was very strong interest in the Company’s Hadrian X and its core Dynamic Stabilisation platform technology and Intellectual Property. The overwhelmingly positive response from investors in the Fastbrick story has made it possible to finalise the capital raise swiftly and efficiently.
The placement of 184,210,526 shares will be issued at an offer price of $0.19 per share representing a discount of 5.0% to the closing price on 21 November 2017 and an 8.9% discount to the 15 day VWAP. The placement will be completed under Fastbrick’s ASX Listing Rule 7.1 and 7.1A placement capacity. A total of 101,780,491 shares are to be issued under ASX Listing Rule 7.1 capacity and 82,430,035 shares to be issued under the Company’s ASX Listing Rule 7.1A capacity. The Company confirms that the placement satisfies ASX Listing Rule 7.1A.3.
Fastbrick’s Chief Executive Officer, Mike Pivac: “We are pleased with the support from new and existing global, regional and domestic funds who are participating in this placement. Leading into 2018 and beyond, we are now well placed and confident to deliver on the Company’s strategic objectives and key milestones. Our immediate focus and attention is to finalise the procurement, assembly, testing and demonstration of our Hadrian XTM commercial prototypes.
In addition to this, we will continue to further develop and work with our global partner Caterpillar Incorporated, to commercialise, manufacture and distribute the Hadrian XTM and jointly work on our Customer Discovery strategy and pilot programmes for our early adopters. Beyond these immediate milestones, we will also look to bolster the company’s strength through the addition of senior management and investing in new IP. These new applications for our core Dynamic Stabilisation platform technology, will be outside the existing Hadrian XTM programme which is being developed for the domestic residential construction sector. We look forward to putting these funds to work and delivering on our strategic objectives.”
The capital raise was managed by Bell Potter Securities Limited, the shares are expected to be allotted on 28 November 2017.
Announcement URL: http://www.asx.com.au/asxpdf/20171122/pdf/43pg62f1rkmw5c.pdf
About Fastbrick Robotics:
Fastbrick Robotics Limited (ASX:FBR) is an Australian robotic technology company developing and commercialising digital construction technology solutions. Fastbrick Robotics’ revolutionary bricklaying machine Hadrian X represents the first application of the Company’s underlying intellectual property portfolio. Hadrian X is a globally patented 3D robotic bricklaying system and marks the transition to dynamically stabilised robots (DSR) operating outdoors in uncontrolled environments.
Fastbrick is currently advancing its robotics technology through a Memorandum of Understanding (MOU) with Caterpillar Inc. (NYSE:CAT) demonstrating global scalability and a MOU with the Kingdom of Saudi Arabia highlighting customer demand for Fastbrick's technology. Fastbrick is committed to improving the safety, speed, accuracy, cost and waste management in the global construction industry through utilising the world’s latest innovations in mobile robotic technology.
Go to Company Profile for: Fastbrick Robotics
Announcement Contact: [email protected]