21 April 2020
BluGlass raises $4.76m in rights issue
BluGlass Ltd of Silverwater, Australia (which was spun off from the III-nitride department of Macquarie University in 2005) has closed its non-renounceable entitlement rights issue, which provided eligible shareholders with the opportunity to subscribe for new shares in the firm on a 1-for-1 basis at $0.02 per share.
The rights issue raised a total of $4.76m (before costs). Funds raised will be used primarily to expedite the development of the firm’s laser diode business to deliver products in early 2021.
BluGlass is developing and commercializing remote-plasma chemical vapor deposition (RPCVD) as a low-temperature, ammonia-free alternative to traditional manufacturing technologies. RPCVD is said to offer electronics manufacturers performance advantages including higher-performing, lower-cost devices.
The rights issue was “very well supported during a challenging time,” says chair James Walker. “On behalf of the BluGlass board, I want to thank our many participating shareholders for their ongoing support of the company. I also want to thank the team at BluGlass for their support and efforts in the development of our Laser Diode business,” he adds. “Our focus is now squarely on delivering the technical and commercial milestones outlined in our Laser Diode development roadmap.”
Allotment of the shares pursuant to the rights issue is expected to occur on 23 April with the issue of 237,922,759 fully paid ordinary shares.