Australian semiconductor developer BluGlass Limited has announced the successful completion of a $2.3 million share placement to institutional and sophisticated investors, including participation from the company’s Board and Management.
The funds will support the scale-up of product delivery and the purchase of additional fabrication equipment as the company positions itself for growth in key high-technology markets, as revealed in a media release.
The placement, which offered shares at $0.013 apiece, was oversubscribed and represents an 18.75% discount to the last closing price of BluGlass shares on 28 April 2025.
In addition, BluGlass is launching a Share Purchase Plan (SPP) to raise up to $6 million from existing shareholders in Australia and New Zealand, allowing each eligible shareholder to acquire up to $100,000 worth of shares at the lower of $0.013 or a 2.5 per cent discount to the five-day VWAP leading up to the SPP closing date.
Chair of BluGlass, James Walker, said the raise was a strong endorsement of the company’s strategic direction and partnerships.
“We are delighted to have received strong support of both new and existing institutional and sophisticated investors, helping bring to market the next frontier of visible laser technology for the global quantum, defence, and aerospace markets,” Walker said.
“This investment is testament to the Company’s execution of our strategy, our key industry partnerships, including with the US Department of Defense, combined with the potential of our high-performance precision technology for next-generation applications.”
To ensure the capital raise reaches at least $5.3 million in total, institutional investors have committed to subscribing for up to $3 million of any shortfall from the SPP.
The proceeds will fund BluGlass’ efforts to fulfil new and existing laser technology contracts, invest in production capacity, and continue developing next-generation products to strengthen its market competitiveness.
BluGlass CEO Jim Haden said the additional capital would accelerate progress on the company’s growing project pipeline, which is valued between US$90 million and US$100 million across 26 projects in negotiation.
“BluGlass has achieved critical milestones over the past 12 months, demonstrating world-record laser performance, strong revenue growth, and strategic customer wins that significantly progress our technical and commercial roadmaps,” Haden said.
“This support helps ensure the Company is in a strong position to execute on our growing US$90-100 million project pipeline, a key foundation to securing large-scale, long-term follow-on revenues; as we work with key industry partners to design-in BluGlass high-fidelity lasers in next generation laser solutions in quantum sensing, aerospace, and defence applications,” he added.
Under the placement, BluGlass will issue approximately 180.9 million fully paid ordinary shares, which will rank equally with existing shares.
Directors have subscribed for approximately $44,000 worth of shares, subject to shareholder approval in line with ASX Listing Rules.
Participants in both the placement and SPP will receive one free attaching option per new share. These options are exercisable at $0.013, expiring on the earlier of 31 May 2026 or 30 days after the company announces a Tier 1 contract valued at more than $3 million.
Each exercised option will also entitle the holder to one Piggyback Option, exercisable at $0.019 and expiring on 31 May 2028, subject to ASX listing conditions.
Subject to shareholder approval at an extraordinary general meeting scheduled for 9 June 2025, BluGlass will also issue 19.5 million new options and pay $90,000 to institutional investors participating in the SPP shortfall.
Bell Potter Securities Limited is acting as the lead manager and bookrunner for the capital raising.
The offer under the SPP opens on 8 May 2025 and is scheduled to close on 10 June 2025. New shares and options are expected to be issued on 12 June, with trading to commence on 18 June 2025.
The content of this article is based on information supplied by BluGlass Limited. For more information, please refer to the official company announcement and communications from BluGlass Limited. Please consult a licensed and/or registered professional in this area before making any decisions based on the content of this article.
