Australian robotic technology company Fastbrick Robotics Limited (ASX:FBR) has completed a $35 million capital raise to support ongoing development of its Hadrian X system.
The capital raising was completed with a small group of international and domestic institutional investors.
Fastbrick’s Chief Executive Officer, Mike Pivac, said that following recently completed investor marketing both internationally and in Australia, there was very strong interest in the company’s Hadrian X and its core Dynamic Stabilisation platform technology and Intellectual Property.
“The overwhelmingly positive response from investors in the Fastbrick story has made it possible to finalise the capital raise swiftly and efficiently.
“We are pleased with the support from new and existing global, regional and domestic funds who are participating in this placement. Leading into 2018 and beyond, we are now well placed and confident to deliver on the company’s strategic objectives and key milestones.
“Our immediate focus and attention is to finalise the procurement, assembly, testing and demonstration of our Hadrian X TM commercial prototypes.
“In addition to this, we will continue to further develop and work with our global partner Caterpillar Incorporated, to commercialise, manufacture and distribute the Hadrian X and jointly work on our Customer Discovery strategy and pilot programmes for our early adopters.
“Beyond these immediate milestones, we will also look to bolster the company’s strength through the addition of senior management and investing in new IP. These new applications for our core Dynamic Stabilisation platform technology, will be outside the existing Hadrian X programme which is being developed for the domestic residential construction sector. We look forward to putting these funds to work and delivering on our strategic objectives.”
The capital raise was managed by Bell Potter Securities Limited, the shares are expected to be allotted on 28 November 2017.