FBR completes AU$4 million placement to institutional and sophisticated investors

FBR Ltd (ASX: FBR) announced that it received the binding commitments, from institutional and sophisticated investors To raise A$4 million via issue of 222,222,222 shares at an issue price of AU 1.8 cents. The issue price represents a 10% discount from the last closing price, a 19% discount to the 10-day VWAP, and a 22% discount to the 15-day VWAP. The placement was supported by a significant number of existing shareholders and new institutional and sophisticated investors.

The expected date of issue of the securities will be 24 June 2022. The fund raised via the placement will help the company to complete the mechanical assembly of the next-generation Hadrian X and also be used for working capital.

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