• Raised A$6.3 million via a placement at A$0.01 per share
• Implementing cost rationalisation program to reduce annual costs by ~70%
• Discussions underway with parties in steel, mining, energy and construction industries

FBR Limited (ASX:FBR) announced the successful completion of a A$6.3 million placement, issuing approximately 628.3 million new shares at A$0.01 per share. The funds will provide additional working capital and be used for restructuring and development costs. FBR has commenced a cost rationalisation program to reduce its ongoing funding requirements while seeking to accelerate revenue generation through paid R&D work and IP monetisation. This will involve a significant reduction in headcount, consolidation of facilities, salary reductions for directors and founders, and a 25% reduction in the number of non-executive directors. Through these measures, FBR will reduce its annual costs by around 70%, while retaining a core technical team. FBR remains focused on multiple near-term catalysts, including the continuation of its Hadrian X market entry strategy with Liebherr and the commencement of Phase 1 with Samsung Heavy Industries. The company is also engaged in discussions with parties operating in the steel, mining, energy and construction industries to scope robotic solutions using FBR's technology and R&D capabilities.

FBR is establishing a workstream of more traditional paid technology development services with the intention of manufacturing and licensing the end-products. The company aims to increase its focus on developing adjacent applications for its technology to leverage and expand the footprint of its extensive IP portfolio and generate faster returns for the business.