FBR closes final funding gap for Mantis and Hadrian expansion

Alpine Capital fills FBR’s A$1.846 million funding gap

FBR Limited (ASX:FBR) has secured the final A$1.846 million of its planned A$4 million capital raising, removing the immediate shortfall hanging over a funding package intended to push its robotics platforms towards commercial deployment. Alpine Capital will subscribe for 24,289,474 shares at A$0.076 each, the same price used in FBR’s recently completed share purchase plan.

The shares are scheduled for issue on 9 October under FBR’s existing ASX Listing Rule 7.1 and 7.1A capacity. The transaction gives the company additional capital without an immediate shareholder vote on the shares themselves, although the attached options will require approval.

Mantis and Hadrian remain the funding priorities

FBR said the proceeds, together with money raised through its placement and share purchase plan, will fund Factory Acceptance Testing, commercial demonstrations and further development of the Mantis welding robot. They will also support the commercialisation and deployment of the Hadrian bricklaying platform, while helping repay short-term debt facilities and fund general working capital.

The financing arrives after FBR’s audited accounts showed year-end cash of just A$27,814 and flagged material uncertainty over its ability to continue as a going concern. That earlier position was tied to fresh funding and robot sales, making the completed A$4 million capital raising more consequential than a routine balance-sheet exercise.

Options add future dilution and shareholder approvals

For every share issued under the subscription, Alpine Capital or its nominees will receive one free option exercisable at A$0.14 for five years from issue. FBR will offer those options under a separate prospectus, with their issue subject to shareholder approval.

The company has also agreed to pay Alpine Capital a A$150,000 cash fee excluding GST, reimburse reasonable out-of-pocket expenses and issue 32,894,662 additional options on the same terms, again subject to shareholder approval. If those fee options are not approved, FBR will instead pay a cash amount equal to the lesser of 3.8 cents per option and their Black-Scholes value at the date of the original capital-raising announcement.

Underwriting agreement set to end

FBR said it will terminate the underwriting agreement previously announced on 8 September as a result of the new subscription agreement. The filing does not state the resulting fully diluted share count, so the eventual effect of the attached and fee options on existing holders will depend on the company’s pre-issue capital structure and shareholder approval.

FBR has cautioned that its proposed use of funds reflects current intentions rather than a fixed commitment. The next tangible markers are the share issue, the options vote and evidence that Mantis testing and Hadrian deployment are converting the fresh capital into commercial progress rather than simply extending the company’s funding runway.