The funding comprises a placement of circa A$800,000 to sophisticated investors at A$0.06 per share, alongside a A$1 million trade finance loan facility from Albion Capital Partners.
Albion is an entity associated with Robo’s major shareholder, Tony Grist.
The trade finance loan facility minimises the dilution of the placement, as conversion into ordinary shares is set at a 17% premium to the issue price of the placement.
The new funds will be used to ramp up stock purchasing from Foxconn to meet expected demand for Robo’s flagship R2 printer from expanded international distribution and reseller networks.
Robo R2 is an intuitive and easy to use printer, with a robust set of features that will enable professionals, designers, entrepreneurs, hobbyists, and educators to bring their ideas to life in 3D.
The company had received pre-orders of over A$800,000 for the Robo R2, which commenced delivery in late May.
Robo is continuing to expand its international footprint, establishing an international sales office and signing its first major distributor in Europe.
The company will also exhibit at the largest education trade show in the U.S., ITSE 2017, on 25-28 June 2017, with the expected attendance of an estimated 15,000 education professionals.