Aurora raises $499,500 through SPP

Metal additive manufacturing business Aurora Labs has announced the raise of a further $499,500 to support development of its new high-powered laser printer, among other activities.

Aurora told the ASX on Friday that it had successfully closed a share purchase plan on Tuesday this week, following a recent $1.35 million raised through a placement.

It said the new capital will support:

• Ramping up its contract printing service;
• Development of the new AL250 laser bed powder fusion printer;
• Development and testing of the company’s proprietary Multi-Layer Concurrent Printing technology; and
• Working capital.

The AL250 printer was announced at the beginning of the month. It will use a 1,500W laser, and is expected to have a build area of 250mm x 250mm, and be available in roughly a year. 

Aurora said it was currently engaged in design for manufacture “to achieve local manufacture at competitive pricing”, quality and supply timelines, as well as engaging in market development.

Of the most recent capital raising, CEO Peter Snowsill told shareholders the company is ”pleased with the ongoing support of loyal shareholders” and Aurora had “the funding to execute our immediate commercialisation priorities.”

Picture: credit Aurora Labs

Further reading

AURORA LABS COMPLETES 3D PRINTER DEVELOPMENT

AURORA LABS ACHIEVES HIGH POWER LASER 3D PRINTING

AURORA LABS RAISES $3.5M TO COMMERCIALISE 3D PRINTERS