Australian robotic technology company Fastbrick Robotics announced that it raised $35 million through the placement of 184,210,526 shares at an offer price of $0.19 per share.
Fastbrick said the shares were placed with a small group of international and domestic institutional investors, with the proceeds to be used for the commercialisation of its Hadrian X bricklaying robot, a road-capable, truck mounted machine with a folding 30m boom.
Commenting on the outcome of the capital raising, Fastbrick’s CEO Mike Pivac said:
“We are pleased with the support from new and existing global, regional and domestic funds who are participating in this placement,” he stated.
“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 commercial prototypes.”
Mr Pivac also said the company will continue to work with its global partner Caterpillar Inc. to commercialise, manufacture and distribute the Hadrian X, and to further develop the company’s Customer Delivery strategy and the pilot programmes for its 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,” he continued.
“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.”