Key points
- FBR completes Demonstration Program for CRH Ventures in United States
- Receives $6.3M R&D tax incentive rebate from Australian Taxation Office
- Raises $8.0M via fully underwritten Share Purchase Plan
Full summary
FBR Limited (ASX: FBR) has provided an update on its quarterly activities, highlighting the completion of the Demonstration Program with CRH Ventures in the United States, the receipt of a $6.3M R&D tax incentive rebate from the Australian Taxation Office, and the successful $8.0M capital raise through a Share Purchase Plan. During the quarter, FBR reached an agreement with CRH Ventures that the capabilities of the Hadrian X® had been adequately demonstrated throughout the Demonstration Program, with the construction of the external walls of nine homes, including one home built in a single day. The completion of the Demonstration Program triggered the commencement of the 45-day period for CRH Ventures to exercise its option to enter an exclusive joint venture with FBR for the supply of Wall as a Service® in the United States. FBR also plans to complete at least one home for major US builder PulteGroup and a home for Neal Communities in the next month, outside the scope of the Demonstration Program. The company also received the final tranche of $0.65M (US$0.4M) from CRH Ventures upon completion of the Demonstration Program. In addition, FBR successfully raised $8.0M (before costs) through a fully underwritten Share Purchase Plan, with the funds to be used for general working capital purposes.