FBR raises $4M for robotics programs
- FBR launched a $4 million capital raising through a placement and underwritten share purchase plan.
- Shares were issued at $0.115 each.
- Capital will fund testing, commercial demonstrations, and deployment of the Mantis and Hadrian robotics platforms.
Robotic technology company FBR (ASX:FBR) received firm commitments to raise $1.5 million via a placement and announced an underwritten share purchase plan for up to $2.5 million to advance its commercial robotics portfolio.
The issue price was $0.115 per share.
"This capital raise positions FBR to commercialise our DST and large-scale robotic solutions such as Mantis and Hadrian," said FBR CEO Mark Pivac.
Net proceeds will fund factory acceptance testing, commercial demonstrations, further development of the Mantis welding robot, deployment of the Hadrian platform, short-term debt repayment, and working capital.
Following the announcement, the FBR share price was down at $0.12.
The company is developing dynamic stabilisation technologies designed to automate construction and heavy fabrication tasks across global markets.
Peak Asset Management and Alpine Capital led the funding round, with settlement of placement shares scheduled for mid-September.
