BluGlass wraps up share purchase plan, raises $5.87 million

Image credit: Bluglass

BluGlass Limited has concluded its Share Purchase Plan (SPP), bolstering its financial position by raising $5.87 million, as announced in a media release.

The SPP, which closed recently, attracted significant participation from eligible shareholders, enabling them to subscribe for up to $100,000 worth of new BluGlass shares at a rate of $0.037 per share.

Additionally, shareholders will receive one free attaching option, pending shareholder approval.

These attaching options, exercisable at $0.046 and expiring on 28 February 2025, present an opportunity for investors to further engage with BluGlass.

Each exercised attaching option will also include an additional piggyback option, exercisable at $0.06 and expiring on 28 February 2027.

This successful SPP follows a previously well-received $4.3 million placement to institutional and sophisticated investors, conducted on similar terms. In total, BluGlass has raised $10.17 million through these initiatives.

The infusion of funds is earmarked to expedite the production and delivery of BluGlass’s gallium nitride (GaN) lasers.

These lasers play a crucial role in various sectors, including advanced manufacturing, quantum sensing and computing, defence, space, and biotech applications.

Moreover, the capital will support the enhancement of fab capabilities and augment working capital.

Expressing his enthusiasm, BluGlass CEO Jim Haden stated, “This capital supports our continued growth, enabling us to step-up production and delivery of our visible GaN lasers in rapidly growing markets, driven by adoption across advanced manufacturing, quantum sensing and computing, defence, space and biotech applications.”

Haden further elaborated on BluGlass’s strategic direction, highlighting investments in future capabilities such as Distributed Feedback (DFB) lasers.

According to him, these investments have been instrumental in securing revenue-generating projects and partnerships with prestigious entities like the US CLAWS Hub and Applied Energetics.

Acknowledging the support of shareholders, Haden added, “I’d also like to thank our loyal shareholders for their continued support and belief in our innovative solutions to solve complex customer challenges and vision of providing the world’s easiest-to-use GaN laser light.”

The issuance of new shares, expected to occur on 3 April 2024, will result in the issuance of 157,842,057 fully paid ordinary shares.

Additionally, an allotment of 756,489 new shares is proposed to be issued to Directors of the Company on or around 5 April 2024, subject to shareholder approval.

The issue of attaching options and Director SPP shares is contingent upon shareholder approval, which will be sought at an Extraordinary General Meeting scheduled for 4 April 2024.