Advanced Braking Technology (ASX:ABV) has gained a further $500,000 in an oversubscribed convertible note offer to take to $2.295 million the total amount raised.
Originally pegged at $2 million being sought from investors, the convertible note was offered to sophisticated, professional and experienced investors.
Funds raised will enable a growth in inventory to provide capital to support market demand and the commercial launch of the company's SIBS® Truck Brake.
The new target market is waste truck brakes, brakes are the second biggest expenditure after fuel for garbage truck fleet operators.
It would tap a public desire for noise reduction and a global drive to reduce pollution in waste trucks.
Full scale commercial roll out is targeted for CY2013.
The SIBS® technology is already proven in the mining industry over many years and is a fail-safe, enclosed “wet” braking system, with a 25% market share overall, up to 70% in underground mines and is considered the industry standard.
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