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FBR: Raises $16M to progress commercialisation strategies

August 18, 2020

Robotics technology company FBR (FBR) will raise $16 million through a placement to institutional and sophisticated investors
Via the raise, FBR will issue over 280.7 million shares priced at 5.6 cents each
The funds will also used for working capital and to continue progressing its commercialisation strategies
Specifically, FBR aims to create global wall-as-a-service operating entities to secure strategic partners which will help fund the production of more Hadrian X robots
Ultimately, FBR wants to be the leader of the only enabling technology for autonomous brick and block wall construction
After coming out of a trading halt, company shares are trading 7.89 per cent lower for seven cents