Semiconductor developer BluGlass Limited has raised $5.3 million through a Share Purchase Plan (SPP), boosting its total recent capital raising to $7.6 million following an earlier $2.3 million Placement to institutional and sophisticated investors.
The funds are set to accelerate BluGlass’ production and delivery of its visible gallium nitride (GaN) lasers, which are used in high-performance applications across quantum, aerospace, and defence industries.
The capital will also support additional fabrication equipment and provide working capital to meet demand from both existing and new customer contracts, the company said in an ASX announcement.
“This capital is instrumental to our continued growth, facilitating capabilities that underpin our world-class laser performance while providing a funding runway as we convert our growing project pipeline into large-scale, long-term revenues,” BluGlass CEO Jim Haden said.
The SPP allowed eligible shareholders to acquire up to $100,000 in new BluGlass shares at $0.00975, a 2.5,per cent discount to the five-day volume-weighted average price (VWAP) of the company’s shares prior to the offer’s closing on 18 June 2025.
Each share also came with a free attaching option, exercisable at $0.013, expiring on 31 May 2026 or 30 days after BluGlass announces a Tier 1 contract win valued over $3 million.
A further “piggyback” option will be granted upon exercise, with a strike price of $0.019 and expiry in May 2028.
“We appreciate the continued support from our loyal shareholders, underscoring confidence in our strategic execution, the strength of our industry partnerships — including with the US Department of Defense, and more recently, the Indian Department of Defence — and the significant potential of our high-performance laser technology in enabling next-generation applications,” Haden said.
BluGlass currently has 26 active projects in varying stages of negotiation, with a combined value of between US$90 million and USD100 million. The company said it is focused on converting these into long-term revenue as part of its “project-to-product” strategy.
