FBR Limited, developer of construction robot Hadrian X, has announced an institutional placement to raise approximately $12.6 million following the execution of agreements on a demonstration program in the United States.
The equity raising will be used to fund FBR’s general working capital requirements as the company enters the US market.
FBR recently signed a demonstration program agreement with CRH Ventures America to construct up to 10 houses in the US with FBR’s Hadrian X construction robot.
The institutional placement is comprised of approximately 466.4 million shares at an issue price of $0.027 per share.
New shares issued under the placement will be issued using FBR’s existing capacity under Listing Rule 7.1 and will rank pari passu with existing ordinary shares from the date of issue, FBR said in an ASX announcement.
Allotment of the new shares is expected to occur on 19 January, while trading of new shares will commence on the ASX on the same date.
“Following the execution of U.S. Demonstration Program and JV Option agreements with CRH Ventures, FBR has undertaken this primarily institutional placement to ensure it is well positioned financially to advance this transformational opportunity for the Company, our partners, and our Shareholders,” said Mike Pivac, managing director and CEO of FBR.
The demonstration program is part of a suite of agreements FBR signed with CRH Ventures America, a subsidiary of one of the largest concrete block suppliers in the US.
The initiative aims to assess the use of the Hadrian X to supply Wall as a Service in the US.
