FBR Well Positioned Following $12.5m Placement

Robotic technology company FBR Limited (ASX: FBR) has completed an institutional placement to raise $12.5 million, before costs, comprising the issue of approximately 328.9 million shares at A$0.038 each.

The placement received strong support from new and existing institutional and sophisticated investors both domestic and offshore.

Funds raised by the placement will provide additional working capital to deliver a number of key upcoming milestones including the 10-home Demonstration Program to be undertaken in Florida, leading to the potential exercise of the US JV Option with CRH Ventures. If the JV Option is exercised it triggers a purchase order for 20 Hadrian X® robots and CRH Ventures Americas providing a US$40m debt facility to the Fastbrick Americas JV.

The placement price of A$0.038 represents a 20.8% discount to the last closing price per share on 31 July 2024 and a 22.6% discount to the 15-day volume weighted average price. Allotment of the new shares under the placement is expected to occur on 9 August 2024, with trading of the new shares commencing on the ASX on the same date.

Bell Potter Securities acted as lead manager and book runner to the placement.

“The company is at a pivotal juncture, having deployed the first of its world-leading next-generation Hadrian X® robots to Florida and preparing to undertake the Site Acceptance Test, the first of many upcoming milestones, so it is pleasing to have completed a strongly supported capital raise that positions the company well ahead of exciting months ahead," managing director and CEO Mike Pivac said.

"The support from our existing institutional shareholder base and the new shareholders joining the register is appreciated and I look forward to providing further updates as we take our company to the next phase in its evolution.”

Mr Pivac will be hosting an investor call tomorrow, August 6, at 9am AEDT, to provide an overview of FBR's capital raising.

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