Aurora Labs (ASX:A3D) has successfully completed an oversubscribed share placement to raise $7 million at $2.50 per share to accelerate the development of its 3D printer business.
The Perth-based company garnered investor attention after developing a range of metal 3D printers that are cheaper than its competitors.
The new proceeds will primarily be used to accelerate the development and testing of Aurora’s innovative medium and large format 3D printers.
The company listed on the ASX in August 2016 after successfully raising $2.8 million through an IPO.
Aurora burst into investors’ consciousness late last year when the stock, which listed at $0.20, skyrocketed to a peak of $5.35, giving it a market capitalisation of nearly $300 million.
The focus of the exuberance is its large-format 3D metal printer prototype that can be used to make metal parts for a variety of industrial applications.
Interestingly, Aurora is in discussions with some of the world’s biggest mining companies to reduce their inventories of spare parts through the use of the company’s 3D metal printer.
In December 2016, Aurora shipped its first small S-Titanium Pro printer to a buyer. This marked the company’s transition from a developer to a producer of 3D metal printers.