Metal additive manufacturing company Aurora Labs announced that its Share Purchase Plan (SPP) closed on 7 March 2023 with funds totalling $499,500 to ramp up the design and build of its high-powered laser printer, among other plans.
The ASX-listed company said the directors agreed to accept eligible applications in addition to the $1.35 million received through the recent placement.
Funds raised will also be used to strengthen Aurora Labs’ print service business and improve the technology development and testing of the company’s proprietary and patented Multi-Layer Concurrent Printing (MCP) technology.
According to recent announcements, clients in the energy, resources, defence, and research sectors would be the primary targets of the company’s market release of AL250, its first commercial high-power printer.
A3D will also provide industrial print services across various industries in order to increase income and develop demand for the company’s commercial printers, including customers such as Alcoa and Woodside.
At the same time, Aurora Labs said it will keep responding to requests from international manufacturers to work together to expand the MCP technology.
Meanwhile, the company revealed that Design-for-Manufacture efforts for the AL250 are now underway in order to accomplish local production with the needed quality, competitive cost, and reasonable supply timeframes.
The company said it will also pursue ISO certification in the upcoming months in addition to completing its current industrial print services purchase orders and stepping up its business development initiatives.
This will help Aurora Labs become more prepared to serve the expanding domestic industrial and defence markets, the company noted.
CEO Peter Snowsill said the firm is pleased with the continuous support of committed shareholders through the SPP offer.
“We thank our shareholders for their support of the ongoing commercialisation of our industrial, high-productivity printing technology,” the CEO noted.
The company announced that the securities issuance would take place on 14 March 2023.
