FBR (ASX:FBR) received firm commitments to raise AU$6.3 million through a two-tranche placement of roughly 628.3 million shares at AU$0.01 apiece, according to a Thursday filing with the Australian bourse.
In tranche one, 574.5 million shares will be issued, raising AU$5.7 million, the filing said. The remaining 53.8 million shares will be issued in tranche two, raising AU$500,000, subject to shareholder approval.
Proceeds will be used for working capital, restructuring, and development costs, according to the filing.
Shares fell 41% in afternoon trade Thursday and earlier hit an all-time low.
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