FBR Ltd launches capital raising; MST hired
Aug 17, 2020 – 10.55am
ASX-listed robotics group FBR Limited was in the market on Monday, seeking $15 million in new equity as it seeks to commercialise its disruptive technology.
FBR offered the shares at 5.7¢ a share via an institutional placement, according to terms sent to fund managers by sole lead manager MST Financial.
FBR Limited launched a $15 million cash call on Monday morning. Jim Rice
The offer price represented a 25 per cent discount to the last close and a 21 per cent discount to the five-day volume-weighted average price.
FBR makes dynamically stabilised robots enabled by its owned-and-invented Dynamic Stabilisation Technology.
Its first DST-enabled product is the Hadrian X construction robot with proprietary digital construction software and optimised smart block and wall system using industrial adhesives rather than mortar.
"The global brick/block construction market is approximately 1,400 billion standard bricks per year, which FBR estimates is in excess of A$1,500 billion per year to supply and lay," the term sheet said.
"The company’s primary focus is progressing with the commercialisation of the HadrianX Robot."
MST was calling for bids to be submitted by 12pm Sydney time on Tuesday.
In May 2019,FBR set up a joint venture company with the country's largest brick company, Brickworks, to accelerate testing of the Hadrian X in a commercial setting.
At the time Brickworks managing director Lindsay Partridge said the group had already sent a shipment of specially developed masonry blocks to a facility in outer Perth operated by FBR for further testing, ahead of offering the Hadrian X as a serious service to residential builders
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