BluGlass raises $4.3 million through placement, aims to raise another $9 million through SPP

ASX-listed compound semiconductor company BluGlass has received $4.3 million in commitments from institutional and sophisticated investors in what it describes as “a strongly supported share placement” at an issue price of $0.037 per share.

According to an announcement from BluGlass on Monday, it is also undertaking a share purchase plan offer to enable eligible shareholders in Australia and New Zealand to acquire up to $100,000 worth of shares on the same terms. The SPP offer aims to raise as much as a further $9 million (before costs.)  

The new funds will be used to scale and speed production and delivery of BluGlass’ visible lasers to fulfil new and existing contracts, as well as support additional fab equipment, working capital, and R&D for next-generation products.  

Chair James Walker said, “The continued support of institutional and sophisticated investors reflects growing confidence in BluGlass’ visible laser technology, experienced management, and significant growth runway.” 

BluGlass CEO Jim Haden added that, “BluGlass has made significant commercialisation 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. 

“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.”

The $4.3 million placement comprises an offer of 116,216,216 new fully-paid ordinary shares. The  $0.037 issue price per share represents a 19.6 per cent discount to the last closing share price on Thursday, February 8, and a 24.3 per cent discount to the 15-day volume weighted average market price.  

The Placement includes one free attaching listed option for every new share, exercisable at  $0.046 and expiring on February 28, 2025. Every free attaching option exercised will include one fully-paid share and one additional option, exercisable at $0.06 and expiring on February 28, 2027.

Picture: credit Bluglass

Further reading

BluGlass completes GaNWorks acquisition

Bluglass raises $10.2 million, seeks another $2.7 million as it grows laser production, product range

BluGlass launches laser diode range at US industry event