Machine tools, Manufacturing News

BluGlass Limited closes SSP, raising $5.87m

Semiconductor developer BluGlass Limited has closed its Share Purchase Plan (SPP), raising $5.87 million before costs.

Funds will accelerate production and delivery of the Company’s gallium nitride (GaN) lasers, fulfilling new and existing contracts, as well as support additional fab capabilities and working capital.

BluGlass chief executive officer Jim Haden said, “This capital supports our continued growth, enabling us to step-up production and delivery of our visible GaN lasers in rapidly growing markets, driven by adoption across advanced manufacturing, quantum sensing and computing, defence, space and biotech applications.

The SPP enabled eligible shareholders to subscribe for up to $100,000 of new BluGlass shares at $0.037 per share, with (subject to shareholder approval) one free attaching option.

Options are exercisable at $0.046 and expire on 28 February 2025.

Every attaching option exercised will include an additional piggyback option, exercisable at $0.06 and expiring 28 February 2027.

The SSP followed a strongly supported $4.3 million placement to institutional and sophisticated investors on the same terms, raising a total of $10.17 million.

BluGlass is also investing in future capabilities, such as our Distributed Feedback (DFB) lasers, which they state have been key to winning revenue-generating projects and partnerships with the US CLAWS Hub and laser pioneer Applied Energetics.

“These projects provide substantial revenue growth while allowing us to bring to market higher-value products that further differentiate us from larger competitors,” said Haden.

Haden thanked the shareholders: “I’d also like to thank our loyal shareholders for their continued support and belief in our innovative solutions to solve complex customer challenges and vision of providing the world’s easiest-to-use GaN laser light.”

Allotment of new shares is expected to occur on 3 April 2024 with the issue of 157,842,057 fully paid ordinary shares.

An additional 756,489 new shares are proposed to be issued under the SPP to Directors of the Company in the amount for which they have paid for those shares, on or around 5 April 2024.

The issue of attaching options and Director SPP shares are subject to shareholder approval, which will be sought at an Extraordinary General Meeting on 4 April 2024.

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