- Bluechiip (BCT) secures $2.2 million to expand its sales and production in the North American market
- The company raised the funds through a share placement, issuing 88 million new shares at 2.5 cents to private investors
- Bluechiip Chairman Ian Kirkwood supported the placement by subscribing for $100,000 worth of new shares, subject to shareholder approval
- Additionally, the company is launching a $300,000 share purchase plan, with new shares to be issued at the same price as the placement
- Bluechiip is down 10.3 per cent, trading at 2.6 cents at 3:46 pm AEST
Bluechiip (BCT) has secured $2.2 million to expand its sales and production in the North American market.
The company, which has a focus on advanced sample management solutions for harsh environments, raised the funds via a placement to institutional, sophisticated, and professional investors, issuing 88 million new shares at 2.5 cents per share.
Bluechiip Chairman Ian Kirkwood supported the placement by subscribing for $100,000 worth of new shares. Mr Kirkwood’s purchase is subject to shareholder approval.
BCT Managing Director and CEO Andrew McLellan thanked investors for their support, which he said would allow the company to progress the development of its “highly differentiated” technology.
“The capital raised will enable Bluechiip to accelerate both the landing of new accounts and also the expansion within existing laboratories, which already include global pharma and US Ivy League institutions, especially following our recently-announced partnership with New York State Psychiatric Research Institute located in Columbia University in New York City,” Mr McLellan said.
The new shares are expected to be issued on May 11.
Additionally, the company is launching a $300,000 share purchase plan to all existing shareholders for new shares at the same price as the placement.
The share purchase plan will close on May 25, with shares to be issued by the end of the month.
Bluechiip shares were down 10.3 per cent and trading at 2.6 cents at 3:46 pm AEST.