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Aurora Labs Limited is expected to issue securities on 14 March after securing $499,500 from a share purchase plan earlier this month.
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The Western Australia manufacturing company is raising funds for its patented multi-layer concurrent printing technology, print services business production, technology design, development, and testing to use in domestic industrial and defence markets.
Company directors previously received $1.35 million from the recent placement.
WA Minister for Innovation, Stephen Dawson, visited the company earlier this month to tour the 3D metal printing technology and discuss state initiatives to support domestic manufacturing.
Aurora Labs chief executive officer Peter Snowsill said the company is developing the AL250 commercial 3D laser printer to achieve local manufacturing at competitive pricing, required quality, and reasonable supply timelines.
“The company is pleased with the ongoing support of loyal shareholders through the SPP offer which, together with the recent share placement, provides the company with funding to execute our immediate commercialisation priorities,” he said.
“We thank our shareholders for their support of the ongoing commercialisation of our industrial, high-productivity printing technology.”
Aurora Labs is also expected to pursue certification, accelerate readiness for domestic industrial and defence markets, and ramp up marketing activities regionally as a preferred starter business into machine supply, according to investor statements.
