ClearVue secures funds to fast-track Gen-2 product testing, certification

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Image credit: ClearVue

ClearVue Technologies, a pioneer in smart building materials, has secured $4 million through a Placement, accompanied by the launch of a $2 million Share Purchase Plan (SPP).

The capital injection is poised to accelerate the development and commercialisation of ClearVue’s next-generation (Gen-2) products.

The Placement, oversubscribed with firm commitments from institutional, sophisticated, and professional investors, involved issuing approximately 8 million fully paid ordinary shares at an issue price of A$0.50 per Placement Share.

Notably, the Placement price reflects a 21 per cent discount to the 15-day volume weighted average price and an 11 per cent discount to the last closing price of ClearVue’s shares.

In addition to the Placement, ClearVue initiated the SPP to offer eligible shareholders an opportunity to purchase new shares on the same favourable terms as the Placement, without incurring any brokerage, transaction, or commission costs.

The ASX-listed company said the SPP aims to further involve loyal shareholders in the company’s growth trajectory.

Martin Deil, CEO of ClearVue, expressed gratitude for the overwhelming support from both existing and new shareholders.

He highlighted the significance of the capital raise in advancing the development and certification of Gen-2 products, which are expected to drive early sales in the second half of the calendar year.

“Funds raised will be used to complete and finalise testing and certification of our Gen-2 products, leading to anticipated early sales during the second half of the calendar year and accelerating our path to commercialisation,” the CEO noted.

Deil emphasized the company’s commitment to shareholder value by extending the opportunity for loyal investors to participate in the capital raise through the SPP.

He underscored this initiative as a unique chance for shareholders to align with ClearVue’s growth prospects and future success.

Upon the successful completion of the capital raise, ClearVue is poised to receive ample funding to carry out its plans for concluding testing and certification procedures for its Gen-2 products. T

The Placement will be fulfilled within the Company’s existing capacity. Subscribers to the Placement will each receive a one-for-three free attaching unlisted option, featuring an exercise price of $0.75 and an expiry date set two years from the date of issue.