Company Name: FBR
Announcement Date: 14/12/2016
Announcement Category: Investment
Announcement Content:
Fastbrick Robotics Ltd has successfully completed an $8 million capital raising through a Strategic Cornerstone Investor Placement with Hunter Hall Investment Management Limited. The placement was completed at 8.1 cents per share, with the proceeds to be used to complete the Hadrian X commercial prototype and for working capital.
Hunter Hall is one of Australia's largest dedicated ethical investment managers, and invests in companies with high growth potential at prices representing significant long-term value. Upon completion of the placement, Hunter Hall's holding in FBR will represent 17.2% of shares on issue.
Fastbrick Robotics CEO Mike Pivac said: "We are delighted to have Hunter Hall as a cornerstone investor, and we are appreciative of their conviction to back FBR's technology and team. Hunter Hall have a long term investment horizon, and have been supporting FBR through on-market buying, so we see them as an excellent strategic fit as a cornerstone investor. Moreover, we are pleased to have been able to complete the placement with Hunter Hall directly and without an intermediary broker. The capital raised in the placement significantly de-risks FBR from a funding point of view, ensuring the company is now fully funded into 2018, and allows us to focus on the delivery of the Hadrian X in 2017."
The placement shares will be issued using FBR's available capacity under ASX Listing Rule 7.1, and are due to settle on 13 December 2016.
Announcement URL: http://fbr.com.au/asx-announcements
About FBR:
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: FBR
Announcement Contact: [email protected]
