News: Optoelectronics
1 May 2025
BluGlass completes $2.3m placement and launches up to $6m share purchase plan
BluGlass Ltd of Silverwater, Australia — which develops and manufactures gallium nitride (GaN) blue laser diodes based on its proprietary low-temperature, low-hydrogen remote-plasma chemical vapor deposition (RPCVD) technology — has received $2.3m in commitments from institutional and sophisticated investors and the board and management via an oversubscribed share placement at an issue price of $0.013 per share. BluGlass is also undertaking a share purchase plan (SPP offer) to enable eligible shareholders in Australia and New Zealand to acquire up to $100,000 worth of shares at the lower of $0.013 or a 2.5% discount to the 5-day volume-weighted average price (VWAP) for shares prior to the closing date for the SPP offer.
Funds will be used to scale and speed production and delivery of BluGlass’ visible lasers to fulfil new and existing contracts in global quantum, defence, and aerospace markets. They will also support additional fab equipment, working capital and the development of next-generation products to increase market competitiveness and sales.
“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,” says chair James Walker.
“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,” notes CEO Jim Haden. “This support helps ensure the company is in a strong position to execute on our growing US$90-100m 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 adds.
$2.3m placement
The placement comprises an offer of about 180.9 million new fully paid ordinary shares at an issue price of $0.013. This represents an 18.75% discount to the last closing share price on 28 April and a 25.5% discount to the 10-day volume-weighted average share price.
The board and senior management have committed to a total subscription of $90,000 worth of new shares. Of this, a total of $44,000 worth (about 3.5 million new shares) have been subscribed for at the offer price by all the directors under the placement. The director placement is conditional on shareholder approval for the purposes of ASX Listing Rule 10.11.
New shares under the placement will rank equally with BluGlass’ existing ordinary shares.
SPP offer
The share purchase plan (SPP) offer aimed to raise up to a further $6m before costs on the same terms as the placement to shareholders with addresses in Australia or New Zealand as at 30 April. Each eligible shareholder may apply for up to $100,000 new fully paid ordinary shares at an offer price being the lower of:
- A$0.013 per share; and
- a 2.5% discount to the VWAP of shares traded on the ASX during the five trading days up to the closing date of the SPP rounded to the nearest tenth of a cent.
Eligible shareholders may take up their entitlement to acquire new shares in full, in part, or not at all.
Institutional funds have committed to subscribe for up to $3m of any shortfall from the SPP offer on the same terms as the SPP offer. The SPP shortfall securities will only be issued if the SPP offer does not raise at least $3m. BluGlass has also agreed to issue 19,500,000 new options and pay $90,000 in cash to institutional investors who have committed to subscribe to SPP shortfall securities.
The issue of SPP shares and all attaching options are subject to shareholder approval at an extraordinary general meeting, on or around 9 June.
BluGlass closes share purchase plan, adding $5.87m to $4.3m placement
