Company Name: FBR
Announcement Date: 03/02/2017
Announcement Category: Awards/recognition, Investment, Product launch/update, Team Update
Announcement Content:
Highlights:
• $8 million in funding secured through share placement to cornerstone investor
• Development of Hadrian X advances
• Continued interest from potential commercial partners domestic and global
• Fastbrick Robotics named 2016 WA Innovator of the Year
Fastbrick Robotics Limited (ASX:FBR) ("FBR" or "Fastbrick Robotics") is pleased to provide a summary of the Company's activities for the quarter ending 31st December 2016.
During the quarter, the Company continued to focus on the development of the Hadrian X and its associated Intellectual Property portfolio (IP), in line with its strategic objective to substantially finalise construction during CY17. The pathway to commercialising the Hadrian X was significantly de-risked from a funding perspective in 2Q17, after $8 million was secured through a share placement at 8.1c/share to cornerstone investor Hunter Hall Investment Management Limited. Following the issue of shares to Hunter Hall, their holding in FBR represents 17.2% of shares on issue. The funds, which were raised prudently at a 6.9% discount to the 6th December 2016 closing price and without an intermediary broker, mean that Fastbrick Robotics is fully funded through to 2018 and will be well-positioned to ramp up and execute its domestic and global marketing strategies following the completion of construction of the Hadrian X.
The Company in continually assessing its commercialisation options both locally and abroad with continued interest being shown from potential distribution partners on both fronts. Additionally, while the Company's priority is the completion and delivery of the Hadrian X, alternative uses for its technology are being explored.
Following the Company's progression to the finals of the 2016 WA Innovator of the Year awards in 1Q17, Fastbrick Robotics was named as the overall winner, receiving a prize of $75,000 and affirming its status as a leader in technological innovation in Western Australia.
Announcement URL:
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]
