Fastbrick Robotics completes $35m placement

Company News

by Kathy Skantzos

Australian robotics company Fastbrick Robotics (ASX:FBR) has completed the issue of more than 184 million fully paid ordinary shares in a placement to the value of $35 million.

The placement was supported by global and domestic investors who paid $0.19 cents per share.

The funding will support the company’s Hadrian X launch, and also allows Fastbrick to further invest in its intellectual property (IP) portfolio.

Fastbrick’s CEO Mike Pivac said the company is pleased with the support from new and existing global, regional and domestic funds who participated in the placement.

He said leading into 2018 and beyond the company is confident to deliver on its strategic objectives and milestones, with the immediate focus on the Hadrian X commercial prototypes.

Shares in Fastbrick Robotics (ASX:FBR) closed 5 per cent lower to $0.19.
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.