Fastbrick Robotics Limited (FBR) has successfully completed an $8 million capital raising to accelerate the development of its Hadrian X programme.
The capital raising, completed through a Strategic Cornerstone Investor Placement with Hunter Hall Investment Management Limited, was completed at 8.1 cents per share, representing a 6.9% to the closing price on 6 December 2016.
Fastbrick Robotics CEO Mike Pivac said the proceeds of the capital raising will be used to complete the Hadrian X Commercial Prototype and for working capital.
“We are delighted to have secured Hunter Hall as a cornerstone investor, and we are appreciative of their conviction to back FRB’s technology and team,” Mr Pivac added.
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.
According to Mr Pivac, Hunter Hall’s holding in FBR will represent 17.2% of shares on issue upon completion of the Placement.
“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,” he continued.
“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.”
