28 October 2016

BluGlass announces institutional placement and shareholder share purchase plan

BluGlass Ltd of Silverwater, Australia – which was spun off from the III-nitride department of Macquarie University in 2005 to develop a low-temperature process using remote plasma chemical vapor deposition (RPCVD) to grow materials including gallium nitride (GaN) and indium gallium nitride (InGaN) on glass substrates – has received commitments from both existing investors and new institutional investors for a placement of new fully paid ordinary shares to raise AUS$5m.

BluGlass proposes to issue 15.625 million shares at AUS$0.32 per share when the placement is settled, which is expected to occur within the next five business days. The issue price of AUS$0.32 per share represents a discount of 18.36% to the 5 day VWAP (volume weighted average price) share price to 27 October of AUS$0.392 per share.

Shareholders on BluGlass' register at 5pm (AEDST) on 27 October with registered addresses in Australia and New Zealand will also be given the opportunity to apply for up to AUS$15,000 worth of shares (subject to any scale-back determined by BluGlass' directors) at AUS$0.32 per share (the same price as under the placement) without incurring brokerage or transaction costs, via a shareholder share purchase plan (SPP). BluGlass aims to raise AUS$2m under the SPP.

The purpose of the placement and SPP is to provide funds for;

• continuation of existing industry collaboration and evaluation agreements with Lumileds, HC SemiTek, and Veeco;
• capital expenditure for new equipment and resources to accelerate work with the existing industry partners as well as enabling the RPCVD technology to be applied to other applications;
• identification and engagement with potential future collaboration partners; and
• general working capital purposes.

Further details in relation to the proposed SPP will be provided in the SPP Offer Booklet and Application Form, which will be sent to eligible shareholders. The placement was managed by Shaw and Partners.

See related items:

BluGlass and Lumileds move to Phase II of evaluation agreement after completing Phase I

Lumileds and BluGlass to co-develop RPCVD-enhanced LEDs

Tags: BluGlass RPCVD

Visit: www.bluglass.com.au