Aurora Labs Limited (ASX: A3D) has secured firm commitments from institutional, sophisticated and professional investors to raise $6 million (before costs) through a two-tranche placement at $0.055 per share.
The placement includes a $550,000 commitment from Non-Executive Chairman David Trimboli, which is subject to shareholder approval. It also includes a significant strategic investment from Walkinshaw Group Holdings Pty Ltd, part of the Australian-headquartered engineering group known for its design, engineering, commercialisation and contract manufacturing capabilities.
Scaling up production
The funds will primarily expand Aurora’s advanced manufacturing and production capabilities. This includes expanding existing production lines for higher-volume turbojet engine production and acquiring additional metal additive manufacturing equipment. It also covers finalising production data packs and investing in the systems, processes and people needed for full-rate production. The remainder supports business development across the defence and aerospace markets, intellectual property protection, and maintaining AS9100D certification.
Building on a year of progress
The placement follows a period of significant progress for Aurora. Over that time we achieved AS9100D aerospace quality certification, began commercial AU4 propulsion system deliveries and received $1 million in Defence Industry Development Grant funding. We also signed a strategic Teaming Agreement with global defence company MBDA. Most recently, Aurora secured its maiden US propulsion system order, our first commercial entry into the US aerospace and defence market.
Non-Executive Chairman David Trimboli said: “With an established manufacturing facility, proprietary propulsion technology and an expanding international commercial footprint, Aurora is increasingly well positioned to capitalise on demand for sovereign propulsion capabilities. Our focus is now firmly on converting this progress into increased production volumes, additional customer contracts and sustainable commercial growth.”
Read the full ASX announcement → https://www.auroralabs3d.com/asx-announcements/
