- BluGlass (BLG) closes its one-for-four non-renounceable entitlement rights issue
- The oversubscribed rights issue raised $5.92 million through the issue of more than 197.3 million shares at 3 cents
- BluGlass will also launch a private placement to Viriathus Capital to raise a further $500,000 on the same terms as the rights issue
- Including last month’s placement, the company has raised more than $8 million to support the development of its laser diode technology
- Company shares are up 3.03 per cent and are trading at 3.4 cents at 2pm AEST
BluGlass (BLG) has successfully raised $5.92 million through a non-renounceable entitlement rights issue.
The one-for-four rights issue was oversubscribed and involved the issue of 197,333,326 new shares at 3 cents per share.
Executive Chair James Walker was pleased by the support from shareholders.
“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 $8.42 million, through our entitlement offer and placements,” Mr Walker said.
This rights issue was announced early last month alongside a $2 million placement which included the issue of 66,666,667 million shares at the same price as the rights issue.
BluGlass will use the funds to advance the development of its laser diode technology through to first commercial orders.
“This capital allows 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,” Mr Walker said.
In addition to last month’s placement and this rights issue, BluGlass has agreed to another private placement to Viriathus Capital to raise a further $500,000 on the same terms as the rights issue.
A total of 16,666,667 new shares are expected to be allocated on or around July 13.
Company shares were up 3.03 per cent and were trading at 3.4 cents at 2:00 pm AEST.