FBR launches $12.6M institutional placement to fund US market entry
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Following the signing of agreements regarding a demonstration program in the United States, FBR Limited, the maker of the construction robot Hadrian X, has announced an institutional placement to raise approximately $12.6 million.
The value raising will be utilised to subsidise FBR’s general working capital necessities as the company enters the US market.
FBR as of late consented to a show program arrangement with CRH Adventures America to develop up to 10 houses in the US with FBR’s Hadrian X development robot.
The institutional placement includes around 466.4 million offers at an issue cost of $0.027 per share.
New offers given under the placement will be given utilising FBR’s current limit under Listing Rule 7.1 and will rank pari passu with existing common offers from the date of issue, FBR said in an ASX declaration.
The new shares are expected to be distributed on January 19, and new share trading on the ASX will begin on January 19.
“Following the execution of the 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 managing director and CEO of FBR, Mike Pivac.
The demonstration program is important for a set-up of arrangements FBR endorsed with CRH Adventures America, an auxiliary of one of the biggest substantial block providers in the US.
