13 Jul 2021
Issue “oversubscribed” says Australian firm; funds will drive laser diode development toward commercial orders.
Strong support from shareholders saw shortfall applications exceed the rights issue target and a pro-rata scale back of approximately 4% will be applied to all shortfall applicants, with the refund amount to be credited to shareholders in the coming weeks.
BluGlass has also agreed a separate private placement to Viriathus Capital of a further A$500,000 (US$370,000) on the same terms as the rights issue.
BluGlass Executive Chair, James Walker commented, “We are encouraged by the incredible support of our shareholders, which has enabled us to close our entitlement offer oversubscribed. BluGlass has raised a total of A$8.42M (US$6.23M), through our entitlement offer and placements.
“This capital will allow BluGlass to progress the development and launch of our first direct-to-market laser diodes, resolve the reliability issue and optimise aspects of the production supply chain, ensuring we can scale our manufacturing capability to deliver commercial products needed by the market.
“The company has a clear path to commercialisation with multiple laser diode products in the manufacturing supply chain. We are continuing to work with our development partners to address initial reliability issues and remain confident that, with this new investment, those issues can be successfully resolved.”
Allotment of new shares from the rights issue is expected to occur on 13 July 2021 with the issue of 197 million shares. Allotment of new placement shares is also expected to occur on or around 13 July 2021, with the issue of 16.7 million shares.
BluGlass video explainer
Developing leading-edge semiconductor manufacturing technology and devices for more than a decade, BluGlass Limited (ASX:BLG) is a provider to the global GaN photonics industries, delivering cutting-edge, custom laser diode and LED development across the industrial, defence, display, and scientific markets.