Aurora Labs, a leader in the development of 3D metal printing, now has an extra $5m in its kitty to fast track the completion of the development of its Rapid Manufacturing Technology.
The West Australian-based publicly listed company has announced that it has successfully completed a bookbuild for a placement of 13,157,895 shares at 38 cents a share to raise $5m before costs.
Aurora Labs managing director David Budge in a statement released to the Australian Securities Exchange says the fact the placement was oversubscribed is a strong endorsement of confidence in the company.
“The strong support of new institutional and sophisticated investors in this capital raising is a solid endorsement of our company and places Aurora in a stronger position to deliver on the exciting developments with Aurora’s Rapid Manufacturing Technology and accelerate the growth of its business over the year ahead,” Budge said in a statement.
In January Aurora Labs furthered its push into 3D technology with the announcement of a 50/50 joint venture agreement with WorleyParsons Services.
The new entity, AdditiveNow, provides a complete additive manufacturing-based engineering service primarily to the oil and gas, mining and major infrastructure sectors.
The incorporated joint venture brings together Aurora’s role as a leader in 3D metal printing with the data science, software and technology capability of Advisian Digital, a division of WorleyParsons.
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