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DMY Capital raises fast $5M, automates robotic builder

Published: 12:30 10 Aug 2015 AEST

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DMY Capital (ASX:DMY) has executed a binding option to acquire robotic building technology developer Fastbrick Robotics after completing initial due diligence.

It will now proceed with a capital raising that has received firm commitments for $5 million priced at $0.20 per share.

This should allow the company to rapidly progress towards commercialisation of Fastbrick’s automated bricklaying technology.

Fastbrick has developed technology to automate the bricklaying process from design to finished brickwork. Its Hadrian 105 unit can build an average house in just two days.

In consideration for being granted the exclusive right to acquire 100% of Fastbrick Robotics, the company will pay an option fee of $250,000 to Fastbrick.

The company will issue 164.7 million shares and just under 500 million performance shares to acquire Fastbrick.

Share sale agreements have now been executed by all Fastbrick Robotics shareholders.   


Fastbrick

Fastbrick has secured broad patents in 11 countries including Australia, China, U.S., Canada and the UK to protect its intellectual property rights in its technology.

More than $7 million has been spent on development to date.

The technology is supported by federal government grants, Western Australia builder Dale Alcock and Brickworks (ASX:BKW), which has a 5% interest in the company.

Its prototype Hadrian unit, which uses a laser-guided system, has already demonstrated end-to-end construction without human intervention.


Analysis

DMY has been a strong market performer, rising 44% since its move to acquire Fastbrick Robotics.

We see further strong market support ahead as the company commercialises the automated bricklaying technology.

 

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