Aurora Labs completes $5 million placement to accelerate metal 3D printing development

Australian metal 3D printing company, Aurora Labs Limited has announced the successful completion of a bookbuild for a placement of 13,157,895 shares at an issue price of 0.38 AUD to raise 5 million AUD.

Aurora Labs says funds will primarily be applied to fast track the completion of development of Rapid Manufacturing Technology (RMT) and working capital.

David Budge, Managing Director of Aurora Labs, commented: “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 (“RMT”) and accelerate the growth of its business over the year ahead.”

The 13,157,895 shares will be issued within the company’s existing placement capacity in accordance with ASX Listing Rule 7.1 (5,612,675 shares) and 7.1A (7,545,220 shares). Led by Australian owned capital market company, Blue Ocean Equities Pty Limited (BOEQ), the Placement shares will comprise approximately 17.5% of Aurora’s total pre-placement issued share capital and will rank equally with existing ordinary shares.

BOEQ will receive a management and selling fee equal to 5% of the proceeds of the Placement. It will also be issued with 367,107 unquoted options, each with a term of 3 years and an exercise price of 0.57 AUD per Option, upon settlement of the Placement. The Options will be issued within the company’s placement capacity pursuant to ASX Listing Rule 7.1.

The Placement issue price of 0.38 AUD represents a discount of approximately 10.6% to Aurora’s last closing price of 0.425 AUD per share (Wednesday 6 February 2019).

Last February, Aurora launched an 8 million AUD raise to fast-track the development of its Large Format Technology. In September, Aurora announced ambitions to scale up as its metal printing technology reached a significant milestone of printing titanium at speeds eight times faster than machines of comparable size (15.88kg/day compared to 1.96kg/day). The company now plans to scale the technology to create a full-sized machine with a print speed of a 1000kg/day.

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