BluGlass đảm bảo được 4,3 triệu đô la thông qua phát hành cổ phiếu và đưa ra ưu đãi kế hoạch mua cổ phần để huy động lên tới 9 triệu đô la
News: Optoelectronics
13 February 2024
BluGlass Ltd of Silverwater, Australia — which develops and manufactures gallium nitride (GaN) blue laser diodes based on its proprietary low-temperature, low-hydrogen remote-plasma chemical vapor deposition (RPCVD) technology — has received $4.3m in commitments from institutional and sophisticated investors via a share placement at an issue price of $0.037 per share.
BluGlass is also undertaking a share purchase plan (SPP) offer to enable eligible shareholders in Australia and New Zealand to acquire up to $100,000 worth of shares on the same terms.
Funds will be used to scale and speed production and delivery of BluGlass’ visible lasers to fulfil new and existing contracts. The raise will also support additional fab equipment, working capital, and the development of next-generation products to increase market competitiveness and sales.
“The continued support of institutional and sophisticated investors reflects growing confidence in BluGlass’ visible laser technology, experienced management, and significant growth runway,” believes chair James Walker.
“BluGlass has made significant commercialization progress over the past year, launching our first laser products, vertically integrating our manufacturing supply chain, growing customer engagement across all our target verticals, and securing our largest ever revenue contract,” says CEO Jim Haden. “This funding supports scaling our operations as we grow project revenues, enabling us to invest in additional equipment and capabilities to accelerate laser production and delivery to meet customer demand,” he adds.
“We’re also strategically investing in the development of novel, next-generation products that further strengthen our competitive advantages. Our recent sub-contract with the US Department of Defense for the development of distributed feedback (DFB) lasers is a good example, highlighting the significant demand for novel, better performing lasers that are also higher value.”
Placement to raise $4.3m
The placement comprises an offer of 116,216,216 new fully paid ordinary shares in BluGlass at an issue price of $0.037. The issue price represents a 19.6% discount to the last closing share price on 8 February and a 24.3% discount to the 15-day volume-weighted average market price of the company’s shares.
The placement includes one free attaching listed option for every new share, exercisable at $0.046 and expiring on 28 February 2025. Every free attaching option exercised will include one fully paid BLG share and one additional option (piggyback option), exercisable at $0.06 and expiring on 28 February 2027. The attaching options are subject to shareholder approval at an extraordinary general meeting, to be held on 4 April.
New shares under the placement will rank equally with BluGlass’ existing ordinary shares. BluGlass intends to list the attaching options on the ASX.
Bell Potter Securities Ltd is lead manager and bookrunner to the placement and SPP offer.
SPP offer
BluGlass is undertaking an SPP offer to raise up to a further $9m before costs on the same terms as the placement to shareholders with addresses in Australia or New Zealand as at 7pm, 9 February. Each eligible shareholder may apply for up to $100,000 of new fully paid ordinary shares in the company at an issue price of $0.037.
Participating shareholders will receive one free attaching option for every new share, exercisable at $0.046 and expiring on 28 February 2025. In addition to one fully paid BLG share issued, every free attaching option exercised will include one piggyback option, exercisable at $0.06 and expiring on 28 February 2027. The attaching options are also subject to shareholder approval at an extraordinary general meeting, on 4 April.
Eligible shareholders may take up their entitlement to acquire new BluGlass shares in full, in part, or not at all.
BluGlass acquires contract manufacturer GaNWorks Foundry for US$800,000
BluGlass gains US$1.775m contract with NCSU for laser development
BluGlass to receive full $7.3m R&D rebate from Australian Taxation Office
